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Sarkozy play Greece Poker
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By David at 03/08/2010 - 06:43
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Sarkozy is playing the Greece Poker
Speculators are manipulating the currency. Because Greece's national debt is considered more risky in the market, Greece must pay high interest rates to lenders -- and that in turn hampers its ability to pay down its debt. Greece is not looking for money from other nations, but the ability to raise money in the debt market on the same interest-rate terms as those in other European countries.
How do you calm down the market? It is like poker. Sarkozy issued a warning to traders who would bet against the euro zone's willingness to defend Greece. And in a show of high-stakes poker with speculators, he purposely didn't detail what measures the bloc might take.
Sarkozy, who along with German Chancellor Angela Merkel is seeking to calm markets and bring down Greece's high borrowing costs, didn't spell out any specific ideas. "Concrete, precise methods exist -- ones we don't need to communicate about tonight, certainly not," he said. "But they will allow us -- when the time comes -- to show that Greece isn't just supported politically but supported in all the aspects of its eventual requests."
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