Athens News Agency: News in English, 11-07-18

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From: The Athens News Agency at <http://www.ana.gr/>

CONTENTS

[01] Samaras details policy to Clinton

[01] Samaras details policy to Clinton

"As I said to Ms Hillary Clinton, ND does not agree with the so-called participation of the private sector in state bond risk," Samaras said.

The meeting with Clinton focused mainly on international economic developments and the handling of Greece's debt problem.

Outlining the reasons for his objections to any such plan, Samaras noted that a selective default would make it more difficult for the European Central Bank to (ANA-MPA) supply liquidity to Greek banks using Greek state bonds as collateral.

He also noted that a selective default will be a psychological blow to Greece, with uncontrollable repercussions for the real economy, while it would trigger a debt restructuring that would have a negative impact on the banking system and insurance funds.

Samaras accused the government of trying to "dress-up" a dire situation, which would actually make the recession even deeper. The main opposition noted that his objections were backed up by the ECB's refusal to agree to a selective default and its warnings that it will not accept the bonds of a state that has proceeded to either a partial or general cessation of payments. (ANA-MPA)

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