German Economy Minister: “Greek Default Can’t Be Ruled Out” And “We Need A Bankruptcy Procedure For Countries”
by Tyler Durden
Greece may not file for bankruptcy this weekend… But its time is coming – it is a 100% certainty. And throwing just that little more fuel into the fire is Germany’s Economy Minister Philipp Roesler who in an op-ed posted in Die Welt, is once again planting the seeds for the inevitable day when that perpetual transgressor Greece (which just announced yet more tax hikes, and as a result can now shut down its economy as the tsunami of 24 hour strike will be unprecedented) is finally kicked out of the union. The question then, as now, will be: what next?
An “orderly insolvency” for Greece must not be ruled out for the sake of stabilizing the euro, Die Welt reported, citing German Economy Minister Philipp Roesler.
“To stabilize the euro there must be no taboos,” the newspaper quoted Roesler as saying in an article to be published in tomorrow’s edition. “If need be, that also includes an orderly insolvency of Greece, provided the instruments needed for that are available.”
And the full Roesler op-ed, Google translated:
Europe needs a bankruptcy procedure for countries