Greek Default Worries Weigh On Markets


Greece’s ability to stave off a default weighed heavily on markets on Monday, as Europe’s troika of debt inspectors prepared to assess whether the country can meet the terms of its bail-out agreement.

In what he described as a “difficult” week ahead, Greece’s finance minister Evangelos Venizelos admitted that the country had been slow in implementing economic reforms tied to the bail-out.
“We can’t move along without real implementation of fiscal reforms and we are late,” Mr Venizelos told a conference in Athens.
“We must reach end-December with a cash balance result that’s within fiscal targets.”
His comment followed a statement last night that Greece should “not be the scapegoat or the easy excuse that will be used by European and international institutions in order to hide their own lack of competence to manage the crisis”.
Failure to reach accord at this weekend’s Ecofin meeting in Poland also dragged European stock markets down on Monday.
Source: |  Szu Ping Chan

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