Greek banks' analysts categorically oppose debt restructuring talk

Greek banks’ analysts on Wednesday said they were categorically opposed to a possibility of restructuring Greek debt. The head analysts of the country’s three largest banks, speaking during a conference organized by the Financial Times in Athens, expressed their strong opposition to this scenario.

Mihalis Masourakis, head analyst in Alpha Bank, said a restructuring of the debt was not only a way out but would have no practical benefit, even the current talk could lead to negative results. “Law firms in London and international investment bankers speculating on the restructuring of our debt will be disappointed,” Masourakis said, adding that since the government was implementing an economic consolidation program “we have all is needed to creating primary surpluses that will consolidate our debt”.

Pavlos Mylonas, National Bank’s head analyst, said Greece must fully implement a memorandum signed with the troika. This program must achieve all its quarterly goals so that there would be no disbelief and stressed that very significant steps have been made so far. “Even our own creditors do not want some kind of voluntary restructuring in case the country failed to meet its obligations envisaged in the memorandum,” he said.

Eurobank’s head analyst, Gkikas-Hardouvelis, said it was not in our interest to say “I won’t pay”. “The cost will be huge. If it did not happen in the turmoil of 2010 we cannot do it now, we should not talk of restructuring,” he said.

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