German banking giant Deutsche Bank in a confidential internal document published by the tabloid Bild maintains that a haircut on Greek debt is inevitable by the end of this year and that it will have to somewhere in the area of 200 billion euros.

“A haircut on debt for Athens is unavoidable and it will be expensive,” the Bild report stated, citing economists at Germany's leading financial institution and speaking of a “horror invoice”.

The report said that the Greek debt will reach 340 billion euros, of which 200 billion must be written down to make it viable.

That adds up to 700 euros for every citizen of the eurozone, according to the leaked Deutsche Bank internal document.

There is no way that Greece can pay off such a debt on its own, the bank's economists have concluded.

“Greece's economy is broken. The consumption rate is too high, and the investors are missing. A haircut is economically inevitable, as is a fourth rescue package,” Luder Gerken, chairman of the Centre for European policy, told Bild.

“The only rehabilitation programme that could work is the Grexit. And even then the restoration of the Greek economy will take years,” Gerken said.

The report concludes that the matter of the haircut in the end will be a political decision.

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