Dutch banks have a total €102bn in outstanding loans in Ireland, Portugal, Spain and Italy, finance minister Jan Kees de Jager said in a briefing note to MPs.
And as minister de Jager is negotiating with Dutch banks about a ‘voluntary’ haircut (meaning: an extension of maturity on loans to Greece) S&P threatens default.
Standard & Poor’s reaffirmed a voluntary debt restructuring for Greece as currently foreseen by euro zone governments would likely be deemed a default, its head of European sovereign ratings told a German newspaper.
“Past experiences show that restructuring the debt of a country, whose creditworthiness is rated at CCC like Greece is currently, tend not to be voluntary and investors must sustain losses,” Moritz Kraemer told Die Welt in an article due to be published on Tuesday.
Mayhap that the EUnion is running out of time faster then it realizes.