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.
- 1IMF and World Bank annual meeting underway in Lima
- 2Italy becomes world’s largest wine producer ahead of France
- 3Air France meets pilots for first time since violent protest
- 4Volkswagen boss apologises to US Congress for diesel emissions scandal
- 5Ferrari ‘could push for 12 billion euro valuation’ in IPO
- 1Air France directors physically attacked after jobs loss plan confirmed
- 2Air France bosses’ shirts ripped off over jobs loss plan
- 3Sweden ‘increasingly experimenting’ with six-hour workdays
- 4Italy becomes world’s largest wine producer ahead of France
- 5SOLVIT: the go-to service when public authorities don’t play by the rules
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2Syrian refugee tripped by shamed camera woman is named
- 3Hungarian reporter who tripped migrants apologises for her actions
- 4NASA discovers evidence of “liquid briny water” flowing on Mars
- 5Latest News Bulletin
- 6At least 220 dead in stampede outside Mecca, Saudi Arabia reports
- 7Hungarian camera woman caught on video kicking and tripping migrants could face jail
- 8International breaking news | euronews online world breaking news in video
- 9Why aren’t rich Gulf states welcoming Syrian refugees…or are they?
- 10Why aren’t rich Gulf states welcoming Syrian refugees… or are they?
- 11[Live] All the Rugby World Cup news in one place
- 12Spain: Catalan President faces ‘civil disobedience’ charges over breakaway vote
- 13International news | euronews, latest international news
- 14Banzai back in the vocabulary as Japan passes law allowing combat deployments
- 15Exclusive: shipwatchers chart Russian hardware heading into Med
- 16Which European countries offer the most social benefits to migrants?
- 17What the top tweets worldwide are saying about #refugees
- 18[Live] Catalonia: separatists heading for clear win in crucial elections
- 19Israel agents ‘incite’ stone-throwing in West Bank
- 20Fifa suspends Blatter, Platini and Valcke
Wires > Business
- 18:35 CET ECB’s Draghi urges Greece to stick to bailout for bank recap, debt…
- 17:09 CET Ireland to channel tax windfall millions into spending
- 16:24 CET Fear and respect – VW’s culture under Winterkorn
- 15:56 CET Indian investigators raid Kingfisher boss’s home in loan probe
- 15:42 CET Hundreds of thousands protest in Berlin against EU-U.S. trade deal
- 13:16 CET China to intensify crackdown on illegal money transfers to fight…
- 04:31 CET Mexico expects first results in Volkswagen probe in three months
- 01:02 CET Exclusive – GE nears deal to sell over $30 billion of loans to…