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Greece

Spanish Finance Minister Salgado on the Wires

Says:

  • ‘Nothing was said on Greek referendum at summit
  • Main two Greek parties should reach agreement
  • Greek parties should make accord to reduce uncertainty
  • Economic forecasts are ‘out of date’
  • There’s ‘enormous slowdown’ in developed countries
  • No one expected Greek referendum

Greece Cut to CCC By S&P

Greece’s rating has been cut by the Standard & Poors to CCC from B. Outlook negative

Greek Government Advisor Papademos Comments in Frankfurt

Says:

  • Greek public needs ‘reassureance’ over debt plan
  • Greek debt restructuring undesirable, not needed
  • Greek debt restructuring would hurt Euro bank system
  • If program implemented restructuring will not be necessary
  • Europes debt crisis will be resolved
  • ECB’s April rate increase sent important signal
  • Loose policy globally encouraging risk taking 
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