Greece Finance Minister: Traders 'Will Lose Their Shirts' Betting Against Us

Giorgos Papaconstantinou AP

Greece’s finance minister George Papaconstantinou expects negotiations over the country’s 45 billion euro lifeline from the IMF to be concluded by mid-May. Which is important since Greece has 8.5 billion worth of bonds maturing on May 19th.


In a press conference at the International Monetary Fund, Papaconstantinou described as a “red herring” speculation that Greece will be forced to restructure its debt, and he ruled out leaving the euro area. He said the loan package will be “comprehensive” and last for three years.

“A number of people have been betting in certain ways. All I can say is they will lose their shirts,” he said in Washington. “I want to categorically restate that any notion of restructuring is off the table for the Greek government.”

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