dimanche 18 septembre 2011

Les Pays-Bas considèrent la banqueroute de la Grèce comme inévitable

Netherlands Considers Greek Bankruptcy Unavoidable

THE HAGUE, 15/09/11 - The Netherlands considers Greek bankruptcy unavoidable, sources at the finance ministry said yesterday on news programme RTL Nieuws.

Greece would not be able to meet all its debt obligations. The question at the ministry is no longer whether but in what way Greece will go bankrupt. The ministry is preparing a controlled way of going bankrupt to prevent other weak eurozone countries like Italy and Spain from running into problems, the sources said.

Faced by the statements from sources at his ministry, Finance Minister Jan Kees de Jager did not want to repeat these in an interview with RTL Nieuws. He did say that all scenarios are being taken into account. In close consultation with other eurozone countries, all likely and unlikely scenarios are currently being prepared, he said.

What exactly will happen if Greece goes bankrupt is unknown, as no country has ever collapsed in this way. A large portion of the Greek banks is expected to go bust and trade with Greece will be temporarily halted. Athens, at least if it wants to cooperate with a solution, will be put under the supervision of the IMF, but Greece will also still be able to involve itself as eurozone country.

Banks in Germany and France are more exposed to Greece than those in the Netherlands. But because banks in Europe are closely interwoven with one another, the chances are that if a French or German bank runs into problems, this will have consequences for ING, for example. This Dutch bank has lent 1 billion euros to the Greeks but is most susceptible to problems in France.

Whether Greece would also pull out of the single currency under bankruptcy is a choice that the Greeks will in principle eventually have to make themselves. Even in bankruptcy, it can be favourable for the Greeks to stay in the euro, because paying off foreign debts in Greek drachmas would likely turn out far more expensive again.

The leftwing Greens (GroenLinks) want De Jager to give an explanation on the question in the Lower House as quickly as possible. Small Christian party ChristenUnie and the Socialist Party (SP) agree with the finance ministry that a bankruptcy is inescapable. Other parties had not yet reacted.

Rabobank also openly expressed the expectation that Greece will go bankrupt yesterday. "The question is only when," said CFO Bert Bruggink in Het Financieele Dagblad newspaper. The financial director also declared that "politicians have the key in their hands for this crisis."
Source : http://www.nisnews.nl/public/150911_1.htm