Bloomberg News

Greece Needs Orderly Insolvency, Finland’s Tuomioja Tells Zeit

June 05, 2012

Greece will probably need a second debt cut and an “orderly insolvency” to return to sustainable public finances, Finnish Foreign Minister Erkki Tuomioja told Germany’s Die Zeit weekly newspaper.

Markets have already priced in a Greek default and the damage that would follow such an event would be less catastrophic than many fear, the newspaper cited Tuomioja as saying in an interview. It’s up to the Greeks to decide whether they want to keep the euro, he said.

To contact the reporter on this story: Rainer Buergin in Berlin at

To contact the editor responsible for this story: James Hertling at

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