Someone’s in trouble.
Wednesday’s market whispers – that Greece was going to announce a restructuring of its debt as soon as this Easter weekend — have spurred a response from the country’s finance ministry.
But the response is not so much about a possible restructuring per se, as the rumours themselves.
The statement, in full:
Αthens, 20 April 2011
Announcement regarding the request for an investigation into thespreading of rumours affecting financial markets:
The Ministry of Finance has asked the Athens Public Prosecutor to investigate possible criminal conduct associated with today’s movements on the Athens Stock Exchange and the prices of Greek Government bonds.
The Ministry has sent to the Prosecutor an email from traders of an international investment bank that refers to the supposed restructuring of Greek Government debt over Greek Easter weekend.
Such rumours are of course devoid of any substance and verge on the ridiculous.
Nevertheless, since the dissemination of such false “news” can create concerns among the public at large, the Ministry of Finance will use all legal means available in order to identify and pursue those responsible.
Greek bank stocks fell 4.58 per cent on Wednesday, taking the wider Athens index with them.
The price action so far this (Thursday) morning:
Related links:
Barber-ians at the (Greek) gate – FT Alphaville
Greek bank stocks drop on debt restructuring talk – Reuters