EU Leaders Will Consider Bank Levy to Aid Greece, Welt Says
By Rainer Buergin - Jul 18, 2011 12:21 PM GMT+0200 Mon Jul 18 10:21:47 GMT 2011
Euro region leaders meeting this week in Brussels will consider combining a special bank levy with a bond buyback program in a second aid package for Greece, Die Welt reported today, without saying where it got the information.
The fee would have to be paid not only by banks doing business with Greece, the newspaper said in its print edition. Investors would be asked to sell their bonds back to the Greek government and accept losses of as much as 40 percent, depending on maturities, the newspaper said, citing calculations by the Berlin-based
Finance Ministry that estimate a debt cut by 20 billion euros ($28.1 billion) from bond buybacks.
Germany’s proposal to ask investors to roll over Greek debt is seen as too risky as it may involve a temporary default and is unlikely to be considered, the newspaper said. The July 21 meeting in Brussels is to take basic decisions on the shape of the second aid package for Greece, it said.
Chancellor Angela Merkel is resisting calls by Finance Minister
Wolfgang Schaeuble -- made behind closed doors -- to cut Greece’s debt in a way that wouldn’t necessarily be voluntary for bondholders as she’s worried about the debt crisis spreading to other countries, Die Welt said.
(Bloomberg)
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