Greece Is ‘Insolvent,’ Unlikely to Honor Debt, Issing Says
This article is for subscribers only.
Greece will probably be unable to meet its obligations as the euro region’s most-indebted nation is insolvent, according to former European Central Bank Chief Economist Otmar Issing.
While it is “not physically impossible” for Greece to honor its obligations, repayment is unlikely, Issing, 75, said at a press conference hosted by Nykredit A/S in Copenhagen today. The region’s debt crisis, which has also forced Ireland and Portugal to seek bailouts, has left the euro in a “critical” condition, Issing said.