(Bloomberg) — Greek Finance Minister George Papaconstantinou told investors they will “lose their shirts” if they bet cash-strapped Greece will default, as his government went toward securing emergency aid before debt payments come due in mid-May.Speaking to reporters in Washington, where he’s negotiating terms for a three-year loan package with the International Monetary Fund and European governments, Papaconstantinou expressed confidence the talks will be “concluded rather soon” and said his country wouldn’t restructure its debt.With 8.5 billion euros of Greece’s bonds maturing May 19, finance chiefs want a swift agreement amid concern any delay may trigger a further sell-off in its assets and hurt global markets.
Posts Tagged ‘Imf’
Papaconstantinou Tells Investors Don’t Attack Greece
April 25th, 2010 
Before You Invest 
Posted in Finance Fraud 
Tags: Attack Greece, Bloomberg, Bonds, Budget Deficit, Debt Payments, Dominique Strauss Kahn, Emergency Aid, European Governments, European Partners, Finance Chiefs, Finance Minister, Global Markets, Gross Domestic Product, Imf, International Monetary Fund, Lifeline, Loan Package, Managing Director, Need For Speed, Swift Agreement 
Comments OffUK regulators will be able to rip up bankers’ contracts
November 17th, 2009 Before You Invest The UK government is set to bring in legislation that will allow the Financial Services Authority to rip up the contracts of bankers deemed to be enjoying excessive pay packets as a reward for risk-taking.Although the new Financial Services Bill will not apply to current banking contracts and therefore will not affect 2009 bonuses, it is set to come into place from January next year.The measures are to be outlined on Wednesday in the Queen’s Speech.In comments reported by the Guardian, City spokesman Lord Myners told Sky News: “What we are saying to the shareholders and boards of directors is: get real, recognize that the previous levels of bonuses are socially unacceptable.” Other proposals that will be place forward by Gordon Brown’s government include one that will allow British customers to take part in US-style class action suits against financial institutions they feel have treated them terribly.Last week, Mr Brown sent officials to meet with the IMF to lobby for the implementation of a Tobin tax – a levy on transactions carried out between financial institutions.
Posted in Finance Fraud Tags: Boards Of Directors, British Customers, City Spokesman, Class Action Suits, Contracts, Financial Institutions, Financial Services Authority, Financial Services Bill, Gordon Brown, Imf, Levy, Mr Brown, Myners, Proposals, Shareholders, Sky News, Style Class, Tobin Tax, Uk Government, Uk Regulators No Comments »U.S. criticizes U.K. proposal to tax financial transactions
November 9th, 2009 Before You Invest Treasury Secretary Timothy Geithner voiced disapproval with a proposal from U.K. Prime Minister Gordon Brown for a tax on financial transactions. Geithner said he would not support the tax but appeared to soften his stance later, saying the International Monetary Fund would be responsible for coming up with possibilities.
Posted in Finance Fraud Tags: Borders, Contingent Capital, Finance Minister, Financial Transaction, Financial Transactions, Gordon Brown, Imf, Insurance Fee, International Monetary Fund, Levy, Mr Brown, Opponents, Possibilities, Prime Minister Gordon Brown, Proposal, Proposals, Systemic Risk, Treasury Secretary, Voiced Disapproval, Volatility No Comments »IMF predicts troubled assets could spiral to $4 trillion
April 7th, 2009 Before You Invest The International Monetary Fund is forecasting that financial institutions have racked up $4 trillion in troubled debt. In its upcoming assessment of the global economy, the IMF is expected to raise its estimate of the deterioration of assets originated in the U.S. from $2.2 trillion to $3.1 trillion by the end of 2010.
