Greek Default Worries Weigh On Markets

venizelos_2002138c.jpg

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: Telegraph.co.uk |  Szu Ping Chan

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s