topics
tools
Expatica countries
Index Last Var.(%)
BEL 20 2117.66 -0.08
DAX 6323.19 -0.26
IBEX 30 6401.2 -2.17
CAC 40 3042.97 -0.16
FTSE 100 5356.34 0.09
AEX 292.76 0.00
DJIA 12454.83 -0.60
Nasdaq 2837.53 -0.07
FTSE MIB 13057.26 -0.74
TSX Composite 11566.15 -0.09
ASX 4162.8 1.03
Hang seng 18880.35 0.42
Straits Times 2800.99 0.49
ISEQ 20 501.76 0.16
You are here: Home News Dutch News Eurozone open to Greek selective default: Dutch minister
Enlarge font Decrease font Text size


12/07/2011Eurozone open to Greek selective default: Dutch minister

Eurozone finance ministers are open to the possibility of allowing a selective debt default in Greece within a new rescue plan for the country, the Dutch finance minister said Tuesday.

"It's not excluded anymore, clearly," Jan Kees de Jager said on arriving for talks with European Union counterparts, one day after eurozone ministers issued a statement vowing to ensure the stability of the single currency area.

Eurozone ministers are scrambling to put together a new bailout for Greece that would involve the private sector, but they have been divided over whether they should exclude the possibility of allowing a partial default.

"We have managed to break the knot, a very difficult knot of a contradictory statement on the one hand... saying that you want substantial private sector involvement and on the other hand you have at all times to avoid a selective default," De Jager said.

"Obviously this was a contradiction, so we have broken that knot and now we can do the work," he said.

The position taken by eurozone ministers late Monday, he said, gives a "broader mandate" and "several options" to a working group that was tasked with coming up with proposals for the new bailout.

The European Central Bank, however, has reaffirmed its opposition to a "credit event" or selective default in Greece.

"Obviously the ECB has stated in the statement that it remained in its position but the 17 ministers did not exclude that anymore so we have more options, broader scope to work with," De Jager said.

Germany, the Netherlands and Finland have insisted on private sector involvement in the bailout, which is expected to come close to last year's 110-billion-euro rescue, even if it means a selective default.


© 2011 AFP


0 reactions to this article

0 reactions to this article

Discussion Forums

Americans in the Netherlands

reporting birth abroad

Relocating to the Netherlands

Taxation on Rental Apartments!

Housing in the Netherlands

Taxation on Rental Appartments?

Discuss Dutch Culture

High-quality fake passports, driver's licenses, ID

English in the Netherlands

Moved to Hengelo

participate in the forums

Inside Expatica
Setting up home in the Netherlands

Setting up home in the Netherlands

A guide to telephone, internet and television along with utility services water, electricity and gas in the Netherlands.

Dutch immigration and residency regulations

Dutch immigration and residency regulations

Lost in the Dutch immigration system? Look no further than this guide compiled for our Survival Guide 2012.

A brief introduction to the Netherlands

A brief introduction to the Netherlands

Expatica offers a whistle-stop tour of life in the modern Netherlands.

Giving birth in the Netherlands

Giving birth in the Netherlands

The challenges and benefits of the maternity system in the Netherlands and how it differs to other countries.