Goldman Sachs Group (GS) in London, head of fixed income, Andrew - Wilson (Andrew Wilson) said on Thursday that Greece creditors unlikely to get back the full investment at the scheduled time, unless the borrowing costs declined.
Wilson said in an interview today: "I think that unless major changes in the structure of interest - especially for a country like Greece - or 2011 is still likely to occur after some form of debt restructuring activities." He said the euro zone countries the highest burden of debt faced by the sovereign debt crisis "for many investors nervous." Wilson joined Goldman Sachs in 1995, four years ago and became a partner.
Greece, a year ago caused the euro zone sovereign debt crisis, when investors worried about the insufficient measures taken to cut down fiscal deficit spending, while Greece's budget deficit was set higher than the EU standard of not more than 3% of the already high out of more than twice. In May of this year, the European Union and the International Monetary Fund (IMF) to Greece 1100 million euros (149 billion U.S. dollars) in aid loans, but the move failed to stop the Greek bond yields rose sharply, to Spain and Italy the so-called "edge states" pose a threat.
Wilson said, lowering financing costs, "Only in a very long time after the fiscal austerity measures taken or will occur, but the market no patience for this; there is a case for direct intervention, that is what we are waiting things, that the ECB will take some measures. "
European Central Bank is being acquired Greece, Portugal and Ireland and other countries of the bonds, thus providing support to these countries. At the same time, EU governments are considering assistance loans to reduce interest rates, but the recipient countries have to make new guarantees to reduce the deficit. According to the German "Die Zeit" (Die Zeit) reported that the German government is considering a plan to allow the Greek use of the content of the financial stability of institutions from Europe (European Financial Stability Facility) funds to buy back its debt.