The Minister of Finances Yannis Stournaras is visiting Frankfurt, Germany today, a few days after rumors regarding a new Greek loan began circulating amongst European circles. While the purpose of his trip has not been publicized, the Ministry announced that Mr. Stournaras will meet with the board of directors of the German Central Bank and various other banking and business sector representatives.
The fact that the European Central Bank is based in Frankfurt puts an interesting spin on the Minister’s trip, especially when also taking into account the references to important developments “already under way, on a European level” that were made by Mr. Stournaras’ associates.
Speculation regarding the rumored new deal for Greece would likely include important decisions for the 17.5 billion euros worth of Greek bonds that mature in 2014 and 2015. Given that the Eurozone central banks, including the Bundesbank, have Greek bonds in their portfolio that were not included in the PSI, Mr. Stournaras’ trip to Frankfurt is more important than what the Ministry suggests.
