May 27, 2012
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Markets pound Greek debt on bailout worries
28 April 2010 / REUTERS, ATHENS
The cost of insuring Greece’s debt against default hit a record high and its borrowing costs soared on Tuesday after Germany’s junior coalition party said Berlin was not certain to put its weight behind a financial rescue. Prospects of Greece not securing aid in time to meet a debt deadline on May 19 also stoked fears that other euro zone states might face similar problems, pushing the cost of insuring Portuguese government debt to a new high. Market pressure on Greece has intensified since it asked for emergency help on Friday. It is now in talks with the EU, IMF and European Central Bank on the terms of the 45 billion euro aid package.
The head of Greece’s central bank sought to address Athens’ credibility problem by suggesting it try to reduce its budget deficit by 5 percentage points of GDP or more this year, above current plans. also rose.
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