Greece wants debt solution plan ready by September 15, FinMin says

The Greek government is seeking a permanent solution which would ensure the long-term sustainability, lower interest rates and an extension of the country’s public debt before September 15 and the release of a sixth tranche of an 110-bln-euro loan agreement signed with the troika, Greek Finance Minister Evangelos Venizelos said on Tuesday.
Speaking to reporters, the Greek minister stressed that the government was “open” to all issues within this framework. Venizelos underlined that the term “selective default” should not scare people.
“It is not a real bankruptcy, not a real financial event. It is an evaluation of three credit rating agencies on state bonds. If we are calm, prudent and we implement our plan, we can take advantage of everything to our benefit. The term guarantees included in an official statement issued by the Eurogroup does not refer to Greece but the assault on the euro currency," the minister said, adding "if we face any issue of guarantee mechanisms, we must do it, on the precondition that there will be a cut in interest rates, longer debt repayment and bond repurchase."
Venizelos stressed that Greece wants a “crystal clear” and strong message combined with a full coverage of the country’s financial system either from the European Central Bank, other EU member-states or the EFSF.
Commenting on the country’s banking system, the Finance minister said that a stress test will have a positive impact on the banking system and will help to the stabilization of the market.

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