Jens Bastian

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Will Greece follow Dubai World into financial turmoil? Is the question itself unnecessarily alarmist? And will eurozone membership protect Greece from itself and the attacks of currency speculators?

Recent developments have muddied the waters further. The governor of the Bank of Greece, George Provopoulos, suggested to a parliamentary committee that the European Central Bank (ECB) might refuse to lend money to Greek banks using bonds as collateral if the economy's sovereign rating was again downgraded by international agencies, as happened in mid-January. After Provopoulos's comments and Dubai World's announcement that it would reschedule its debt, the benchmark general index on the Athens stock exchange slumped 6.21% on 26 November, with financial sector stocks particularly hard hit.…  Seguir leyendo »