Greece’s plan to buy back bonds from private investors must work according the Greek Finance Minister Yannis Stournaras.
The bond buyback is a part of the measures agreed with EU finance ministers to reduce Greek debt and bring some sustainability to an economy in tatters.
Yannis Stournaras is the Greek Finance Minister:
“Since the rest of Europe must take this decision to its respective parliaments to see how much more Greece will cost the German, Austrian, Finnish and the Slovenian economies. The least we can do is make sure the buyback plan succeeds. It is our patriotic duty.”
One idea is to lend Greece 10 billion euros from the EU bailout fund, which would allow Greece to buy back 30 billion euros of debt, reducing its outstanding bills by some 20 billion euros.
If the buyback scheme fails Greece will not be eligible for the next slice of cash on December 13.