AGL 37.98 Decreased By ▼ -0.04 (-0.11%)
AIRLINK 210.20 Increased By ▲ 12.84 (6.51%)
BOP 9.68 Increased By ▲ 0.14 (1.47%)
CNERGY 6.35 Increased By ▲ 0.44 (7.45%)
DCL 9.16 Increased By ▲ 0.34 (3.85%)
DFML 37.60 Increased By ▲ 1.86 (5.2%)
DGKC 98.50 Increased By ▲ 1.64 (1.69%)
FCCL 35.46 Increased By ▲ 0.21 (0.6%)
FFBL 88.94 Increased By ▲ 6.64 (8.07%)
FFL 14.29 Increased By ▲ 1.12 (8.5%)
HUBC 131.30 Increased By ▲ 3.75 (2.94%)
HUMNL 13.75 Increased By ▲ 0.25 (1.85%)
KEL 5.47 Increased By ▲ 0.15 (2.82%)
KOSM 7.19 Increased By ▲ 0.19 (2.71%)
MLCF 45.45 Increased By ▲ 0.75 (1.68%)
NBP 61.39 Decreased By ▼ -0.03 (-0.05%)
OGDC 221.55 Increased By ▲ 6.88 (3.2%)
PAEL 40.65 Increased By ▲ 1.86 (4.8%)
PIBTL 8.47 Increased By ▲ 0.22 (2.67%)
PPL 199.90 Increased By ▲ 6.82 (3.53%)
PRL 39.46 Increased By ▲ 0.80 (2.07%)
PTC 27.50 Increased By ▲ 1.70 (6.59%)
SEARL 108.25 Increased By ▲ 4.65 (4.49%)
TELE 8.57 Increased By ▲ 0.27 (3.25%)
TOMCL 36.47 Increased By ▲ 1.47 (4.2%)
TPLP 13.65 Increased By ▲ 0.35 (2.63%)
TREET 24.38 Increased By ▲ 2.22 (10.02%)
TRG 61.15 Increased By ▲ 5.56 (10%)
UNITY 34.30 Increased By ▲ 1.33 (4.03%)
WTL 1.68 Increased By ▲ 0.08 (5%)
BR100 12,097 Increased By 371 (3.16%)
BR30 37,526 Increased By 1149.2 (3.16%)
KSE100 112,931 Increased By 3417.8 (3.12%)
KSE30 35,660 Increased By 1146.3 (3.32%)

ivan-miklosBRATISLAVA: The euro zone debt crisis' contagion has spread and policymakers should assess the bloc's preparedness for the possibility of a coordinated bankruptcy in Greece if the situation there turns to be unsustainable, Slovak Finance Minister Ivan Miklos said on Saturday.

"We are now waiting for results of the IMF and EU inspectors. This should be the basis for a clear assessment whether Greece's position is sustainable, or whether bankruptcy and a write-off of part of the debt are inevitable and whether it will be needed to prepare a new stabilisation programme," Miklos told Czech daily Lidove Noviny in an interview.

The report from the International Monetary Fund, the European Central Bank and the European Commission -- the "Troika" of lenders -- could be ready in 2 to 3 weeks.

It will focus on the country's progress towards set fiscal targets and will play a crucial part in any re-examination of private sector involvement in the second bailout package for Greeks.

"In case we draw a conclusion that the situation in Athens is not sustainable, we must say how are we prepared for a coordinated bankruptcy and how will we prevent further contagion," Miklos said.

Miklos, a fiscal hawk, said common euro bonds would be a bad solution for the single currency area and member states should rather push for strict rules, even allowing for curbs on a country's sovereignty if necessary.

Copyright Reuters, 2011

Comments

Comments are closed.