Debt Relief Solution
A French solution to a Greek problem may help Ireland
AS the clock ticked down to a decisive set of votes on Greek austerity plans, President Nicolas Sarkozy made a crucial proposal for the treatment of Greek debt by French banks that may become the model for private-sector involvement in resolving the crisis.
In addition to being dramatic and late, the French proposal was dressed up to be everything it is not: voluntary.
On top of this, it represents a complete climbdown from a hitherto non-negotiable position. In keeping with the best Greek tragedies, it was probably destined to be made in any event and is probably more significant than it appears, but might have come too late. Only in Europe !
The proposal has three elements that would apply to debt falling due in 2011-13: half of the repayments would simply be rolled over and delayed for 30 years; another 20pc of the debt would be converted into 30-year bonds to be repaid by a European fund; and the remaining 30pc of the debt would be paid as originally scheduled.
This would relieve Greece of the need to repay 70pc of the debt falling due to participating private institutions over the next few years and, at the same time, allow those institutions to get some cash and a more secure promise of future payoffs.
It will only make a difference if a sufficient number of creditors take part, and it is only voluntary in the sense that a contribution to a ransom payment might be considered charitable.
Some will say that the proposal only rolls the debt problem forward without resolving it but, in this case, the problem would be rolled so far forward as to make a real difference.
Consider, for example, that a payment representing 5pc of GDP in 2011 would, if annual economic growth averaged about 4pc, only amount to 1.5pc of (a much-larger) GDP in 2041.
Therefore, if any meaningful growth rate-including inflation can be secured, the debt will be far more manageable by the time it comes due.
Payments
And payments amounting to 5pc of GDP could be delayed in each year even if the scheme was to apply to just half of the outstanding sovereign debt. (Repayments of 14pc of GDP are due in each year and 70pc of half of this amount is close to 5pc).
This is significant. Moreover, it will be difficult to suddenly end the scheme in 2014 and to demand full repayment on debt from then on.
Instead, it is more likely that the scheme will form the basis of a more permanent debt reduction deal that would be agreed under the aegis of the European Stability Mechanism when it begins operation in 2013. At that stage, a final solution could be put in place.
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Instead, it is more likely that the scheme will form the basis of a more permanent debt reduction deal that would be agreed under the aegis of the European Stability Mechanism when it begins operation in 2013. At that stage, a final solution could be
It must be understood though, nonprofit credit counseling is not a magic solution that will erase all financial problems a consumer has, as there are situations that do necessitate further action like debt management or settlement, if a consumer waits
VIENNA () - It is too soon to judge the ratings impact of a debt relief package involving the private sector being put together for Greece, a senior official at the Standard & Poor's rating agency told Austrian television.
Austrian Chancellor Werner Faymann Sunday called for joint efforts to seek an effective solution to Greece's debt crisis. Faymann told national broadcaster ORF that Greece's bankruptcy or debt relief would not be a wanted result for everybody and a
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