Wednesday April 8, 2020

IIF: Greek default would cause a trillion euros of damage

A disorderly Greek default would cause more than a trillion euros of damage to the euro zone and could leave Italy and Spain dependent on outside help, claims a new report.

6th March, 2012
2
Greek private creditors have until Thursday night to say whether they will participate in a bond swap.

A disorderly Greek default would cause more than a trillion euros of damage to the euro zone and could leave Italy and Spain dependent on outside help to stop contagion spreading, according to a new document prepared by the country’s main bondholders.

But analysts said the Institute of International Finance document, marked "IIF Staff Note: Confidential", may have been designed to alarm investors into participating in a debt exchange, Reuters reported.

Greek private...

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