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Papademos Says Greece’s Creditors Could Be Forced to Take Losses

New York Times Original article ›

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Eirini Vourloumis of the New York Times has an extensive 90 minute interview with prime minister Lucas Papademos of Greece. Papademos says he will consider legislation requiring holdouts among bondholders to take losses if no agreement is reached with all bondholders to write down Greece's debt. The IMF, the ECB, and the EU require an agreement before lending more funds to Greece. Papademos is a former vice president of the ECB. His view is that the EU should have acted quickly to tackle the debt problem in Greece in mid 2010, and growth measures should have been taken earlier. He also stated that vested interests with political connections were blocking the changes needed to help the Greek economy recover. He expects elections will be held in Greece in April 2012.


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