G.Papakonstantinou: Unclear When Greece Could Return To The Markets
Greek Finance Minister Giorgos Papakonstantinou said that it is unclear when Grece would be able to return to the financial markets for funding, according to Reuters.
The news agency refers to a Papakonstantinou interview with the Financial Times, noting that the timetable would become clearer when an EU/IMF deal for Portugal is complete.
"A judgment cannot be made before the summer and before Portugal closes its deal," Giorgos Papakonstantinou was quoted, adding that Greece needed time to convince international investors about its reform program, which proved longer and harder.
"Yes, we need more time. There is no question about that... But more time, not in terms of a new program but to convince", Papakonstantinou commented.
Reuters stated that Germany acknowledged for the first time on Wednesday that Greece may need to restructure, but Papaconstantinou reiterated that the government did not intend to restructure its debt.
Greek Finance Ministry officials, however, stated that text of Minister’s interview said that Giorgos Papakonstantinou admits that the country might not be able to access the markets. Officials clarified that this was a journalist’s conclusion, not words of the Minister.
Giorgos Papakonstantinou spoke of the government’s intention to return to the markets as soon as possible, even at the end of 2011, said the Ministry in a statement. The country remains safe even if the access is not possible, as there is a possibility of buying bonds in the primary market through EU mechanism, it added.
(capital.gr)