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Prandi, Massimo

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Les Echos - France | 11/05/2011

Athens stronger than speculators hope

Rumours in the wake of last Friday's secret meeting of several EU finance ministers have prompted stock market speculation against Athens. But investors who hope Greece's debts will be restructured are fooling themselves, writes the business paper Les Echos: "Ultimately it is not very likely that Greece will set a bad example and restructure its debt, because too many interests of the Eurozone are at stake. In addition the country has not yet used all the resources at its disposal to get out of this tough spot. ... But the most difficult thing for Greece at the moment is rekindling economic growth. The low point of the Greek recession lies behind us. [Finance Minister] Giorgos Papakonstantinou is counting on a one to two percent rise in the GDP in 2012, an estimate that concurs with that of international lenders. If it is correct, the markets will have speculated wrongly."

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