According to Dow Jones News Agency, Austrian Finance Minister Maria Fekter said Thursday in a statement on the Austrian Finance Ministry’s website that a Greek sovereign default would have a domino effect on all other European countries.
“It is about avoiding a bankruptcy, because otherwise all the credit default swaps (CDS) will be triggered,” said Fekter, adding she hopes that her Greek counterpart Mr. Venizelos is able of providing clarity on the domestic political situation in recession-hit Greece.
Mrs. Fekter also expressed her concerns over the so far unknown number of CDS taken out as insurance against a possible Greek default.
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