Greek default talk gathers pace


Reuters
September 23, 2011

Talk of a possible Greek default gained pace on Friday while a pledge by the world’s major economies to prevent Europe’s debt crisis from undermining banks and the global economy failed to lift financial markets for long.

Greek Finance Minister Evangelos Venizelos was quoted by two newspapers as saying an orderly default with a 50 percent haircut for bondholders was one of three possible scenarios for resolving the heavily indebted euro zone nation’s fiscal crunch.

Officials played down the reports and Venizelos described them in a statement as an unhelpful distraction from the central task of sticking to Greece’s EU/IMF bailout program.

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