Greece May Have 3 Days to Avert Default: Deutsche Bank’s Mayer

Greece may have only three days left to avoid “outright default,” according to Thomas Mayer, chief economist and head of research at Deutsche Bank AG (DBK) in Frankfurt.

“They have to make a payment of 14 and a half billion on an outgoing bond,” Mayer said in a radio interview today on “Bloomberg The First Word” with Ken Prewitt. “If they don’t have the money in the account at the time the payment is due, then they really default.”

“Time is of the essence. I think we have maybe 1, maybe 2, maybe 3 more days but that’s it. And then it will be too late to avoid an outright default,” Mayer added.

To contact the reporter on this story: John Tucker in New York at jtucker@bloomberg.net

To contact the editor responsible for this story: JoAnne Norton at jnorton@bloomberg.net

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