Voluntary Greek debt plan

Dutch Finance Minister Jan Kees de Jager in the euro-zone Finance Ministers meeting in Luxembourg on June 20.kumuliertes Dutch Minister of finance position moves; Change is strong political opposition in the Netherlands to further support for GreeceDutch calls for the participation of the private sector in relief PackageThere is a high stakes tussle between European finance ministries and major rating agencies
Jan Kees de Jager, who called for Dutch Finance Minister private sector owner of the Greek government debt to take part in a second debt relief support package be forced.
Mr de Jager said it was "unrealistic" to expect significant voluntary participation in such a plan, and said compulsory participation should be considered, even if it led to downgrade Greece credit rating agencies.
"I think we have to accept that a voluntary contribution is not realistic," Mr de Jager told the Dutch newspaper Financieele Dagblad after a meeting on Wednesday in London with George Osborne, the British Chancellor. "If a compulsory contribution by the banks rating event leads to a short-term and isolated, is not as bad as Greece anyways, now or in the near future may go in the credit markets."
The comments provide a significant change in the position of Mr de Jager, who since last month, that voluntary participation was passed by banks had and other holders of Greek obligations increase could a significant portion of the 85bn € for a new debt support package searched.
Mr de Jager comments put on in the question of how France, Germany, and others are converted to ways to include voluntary participation of the private sector, without that rating agencies declare Greece in default, also the Netherlands at the top of the European partners of the country.
A source specified in the Dutch Ministry of finance, that the announcement by standard & poor's, the rating agency on Sunday, that voluntary participation of the private sector in a rollover of Greek debt, for example, the abortive last week French plan outlined a downgrade of the rating would trigger the thinking in the Ministry had moved. If also voluntary participation would trigger a reviews event, the Government could also push for the compulsory participation and get a larger private sector part of the package that said source.
Suggested that the Dutch translation was a high-stakes game played by chicken between European Ministries of finance and the large ratings on debt assistance for the peripheral countries of the eurozone. On Wednesday attacked European rating agency of Moody's officials after it downgraded Portuguese debt to junk status.
Mr de Jager said he was "not afraid of a downgrade Greece credit standing," which he probably thought be a short-term event. He drew a distinction between such reviews and a credit events, such as a declaration of default, which can lead to a banking crisis in Greece.
Mr de Jager shift to support for mandatory private-sector participation is determined partly by strong political opposition in the Netherlands to further support for Greece. Extreme right-wing politician Geert Wilders has this support called "throwing money on the dykes", and his party opposition means that the Government left cooperation from opposition parties all need pass support package.
Mr de Jager skeptical Dutch parliamentarians said last month that the participation of the private sector would provide at least 20 to 30 percent of the package of measures Greek support, and the Government has "No, unless" such as private sector involvement met attitude as formulated are. He said that he believed no support package could happen without the involvement of the private sector in the Dutch Parliament.
Public opposition to further support for Greece has fallen since the crisis is all the more urgent. June pollster Maurice de Hond found 67 percent against and only 24 percent supported more EU support for Greece. July 1 fell around 46 percent against and 43 percent in the support.