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De Jager Says Greek Selective Default ‘Not Excluded Anymore’

Dutch Finance Minister Jan Kees de Jager said a selective default by Greece “is not excluded anymore.”

Euro-area finance ministers yesterday “did not exclude” a selective default during a meeting on Greece, “so we have more options, a broader scope to work with,” de Jager told reporters in Brussels today.

Yesterday’s statement “is a step forward in the sense we managed to break a very difficult knot of a contradictory statement, on the one hand that you are saying that you want a private sector involvement, and on the other hand that you want to avoid a selective default,” de Jager said.

“Obviously, this was a contradiction,” he said. “We have broken that knot and now we can do the work. In the next two weeks the euro working group can prepare a broader mandate, several options.”

European Union finance chiefs today will discuss stress tests on the region’s banks. De Jager declined to comment on the tests before the talks. “We are going to listen first,” he said. “It’s very important to have credible stress tests. I am going to listen first and then I can comment on it later.”

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