June 15, 2010

No Default in Greece, says European Central Bank

It looks like a growing number of investors are believing in an eventual default, despite constant denials from the Greek government and elsewhere within the eurozone establishment . Real Time Economics blog (WJS) has this interview with European Central Bank governing council member Athanasios Orphanides:

"...let me please comment on an article in Thursday’s Wall Street Journal that presents survey results about default or restructuring by Greece and other European countries. The article reports that most of the respondents are American economists and I think the results reflect a lack of understanding of how the European Union and the euro area function. There is an element of absurdity in talking about a high probability of default by the Greek government right now [73% according to a survey by The Wall Street Journal]. A European Union support plan is in place. Over the past three months, the Greek government has taken very decisive measures to control public finances. We now have concrete evidence that the Greek government’s fiscal consolidation plan is on track.

Related:

2011 – Creating the European Financial Stability Facility (EFSF) & the "PIIGS"

2017 – Another Greek Economic Crisis?

Tourism in Greece

The Drachma almost returned to Greece 2013–2017

Greek economic Survival in the 1990s

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