EC reportedly backs Greek debt-extension

Discussion in 'Wall St. News' started by ASusilovic, May 13, 2011.

  1. NEW YORK (MarketWatch) -- The European Commission, International Monetary Fund and Germany are backing a debt extension for Greece while the Europeaan Central Bank and France, both holders of Greek debt, are opposing the move, according to wire service reports on Friday citing the German newspaper Die Welt. "It makes sense, the Germans want to stop fronting Greece money and it gives Greece more breathing room, and because the principal would get paid back, banks won't have to mark the debt down," said Peter Boockvar, equity strategist at Miller Tabak.