22 Jan '12, 9pm

Greece deal will stabilise eurozone: Goldman

Greece deal will stabilise eurozone: Goldman

ATHENS: A massive debt writedown for Greece will stabilise the eurozone by removing a threat posed by its "weak link," a strategist with investment bank Goldman Sachs said in an interview published on Sunday. Greece needs a so-called PSI, or private-sector involvement, deal to be ironed out, as well as a second EU bailout, if it is to be able to make a debt repayment of 14.4 billion euros on March 20. With those two deals in place, a "systemic danger in the eurozone, which comes from the weak link, that is, Greece," will be removed, Francesco Garzarelli was quoted as telling the Greek daily To Vima. Garzarelli, head of the US bank's macroeconomic research section, said that by 2014 much of Greece's debt will be transferred from the private sector to eurozone institutions, while a new balanced budgets treaty will apply to all member states. He said the sovereign debt of Gre...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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