Germany Confident Greece Can Refinance Debts

Friday, 09 Apr 2010 08:25 AM

 

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Germany said on Friday it saw no reason to doubt that Greece could refinance its debts, as Athens resisted market pressure to seek emergency aid from euro zone peers and the International Monetary Fund.

A German Finance Ministry spokesman said the financial safety net for Greece that euro zone leaders agreed late last month remained in place but that Athens had not asked to make use of the facility.

"There is no reason to doubt that Greece will succeed in refinancing its debts," the spokesman told a regular government news conference. "We still believe ... that Greece can reach its goals on its own."

No one should doubt that the euro zone and the IMF would help Athens if needed, the spokesman added.

"It is still a hypothetical question, but if this case were to occur there are processes — be it at the IMF or the euro zone — that would kick in ... No one should doubt the processes would proceed with the corresponding effects," he said.

Euro zone leaders agreed late last month that members of the currency bloc would provide funding for Greece on rigorous conditions recommended by the European Commission and the ECB.

The plan, which would also involve the IMF, would be enacted as a "last resort," the leaders agreed.

A government spokesman said the 'last resort' envisaged in the safety net plan would involve Greece no longer being able to raise funds on capital markets.

Responding to a reporter's suggestion that Athens could keep raising funds on capital markets but at a higher cost, the Finance Ministry spokesman declined to say what market rates Greece would have to pay before the aid plan could take effect.

"Greece has not requested this help," the spokesman said.

© 2014 Thomson/Reuters. All rights reserved.

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