Ministry Of Finance And Economic Development

Ministry Of Finance And Economic Development

Ministry Of Finance And Economic Development

Posted on: January 19, 2012 - 1:26 pm
by Admin

On 13 July 2011 the Vice President of Greece, Mr. Evaggelos Venizelos, announced that the country is facing the possibility of a selective default. A new term entered the economic life of Greece and Greeks are desperately trying to understand the effect that it will have in the economic life of the society.

What is a Selective Default?

Selective default occurs when the obligor-country (in this case Greece) has failed to service one or more financial obligations, but continues to serve others and will be able to restart servicing all its financial commitments in a timely manner.