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EFSF Regklingk: Banks stoking the restructuring of Greek debt Greece can solve its problems without a "haircut" of the debt considers mortgages the head of the Provisional EFSF (European Financial Stability Facility) (EFSF) (Klaus Regling) Klaus Regklingk. At the same time criticizing financial institutions, mortgages which accuses deliberately stoking the senariologia restructuring the Greek debt in order to reap more profits. "In the 80's and 90 banks received very high fees for debt restructuring in Latin America and Asia.
The same would gladly like to repeat in Europe, "notes Mr. Regklingk, in an interview with business daily Handelsblatt (Chantelsmplat 02.05.2011). Asked whether mortgages Greece needs restructuring, Mr. Regklingk answered emphatically: "No, and the debate on this I totally excessive. Not only the media but also the banks are fueling this debate. Because the restructuring of sovereign debt can make a lot of money, "says Mr. Regklingk. mortgages "The Greek debt is in the hands of many institutional investors, including insurance companies, pension funds and banks of course. The bank losses would be limited, while the fees promise much more, "explains the head of the EFSF. Mr. Regklingk disputes and related estimates of some economists anticipate restructuring focusing on the height of the Greek debt could rise to 150 or 160% of GDP. "They underestimate the ability of the Greek economy to develop after deep reforms an entirely new dynamic," says Mr. Regklingk. It relies mortgages on examples of this seemingly "lost country" in Latin America and Asia where the IMF with the right policy without the consolidation restructuring. Mr. Regklingk no secret that 'can be difficult' Greece's exit markets mortgages next year to raise 25 billion euros. 'Can we draw very optimistic. But not sure. There's plenty of time until then and the government in Athens resolutely implement reform and cuts, "says Mr. Regklingk. In case you still do not succeed, Mr. Regklingk sees as options to accelerate the privatization program, to further mortgages reduce government spending and raising taxes. "But this is hypothetical," mortgages says head of EFSF. In explaining his opposition to the restructuring of Greek debt stresses that "a market economy mortgages based on the fact that the contract is broken and that the obligations mortgages are fulfilled. Moreover, a restructuring of Greece would hit some banks and would require new state aid funds. The way this particular one should follow him lightly. mortgages Sometimes it is of course inevitable. "
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