Greek selective default 'potentially inevitable': minister

21st July 2011, Comments 0 comments

A selective debt default by Greece is "potentially inevitable", Dutch Finance Minister Jan Kees de Jager said on Thursday.

"A selective default is not a purpose in itself, it's certainly not something we are looking for, but we cannot exclude it beforehand: it is potentially inevitable," De Jager told the Dutch Parliament.

European leaders are to start an emergency eurozone summit later on Thursday in Brussels, to discuss a new bailout deal for Greece amid a spreading eurozone debt crisis.

De Jager told a parliamentary committee that Greece would need an additional 90 billion euros ($127 million) by 2014. As part of the bailout, the Dutch government aimed for the private sector to contribute 20 to 30 percent, he said.

German Chancellor Angela Merkel voiced optimism that eurozone leaders would reach a deal to settle Greece's debt crisis and stop it spreading, at the crucial summit to look at the second bailout plan for Greece.

But Eurogroup chairman Jean-Claude Juncker said on Thursday that eurozone leaders would not rule out a Greek debt default.

© 2011 AFP

0 Comments To This Article