Greek default claims denied

REPORTS that the EU was preparing for a Greek default were rubbished by the European Commission yesterday but investors appeared to like the idea and the euro moved up a little against the US dollar.

Greece, which last year received a €110 billion bailout from the EU and IMF, reported its central budget deficit shrank by 37% last year, more than the 33% target set for it.

Economics spokesperson for the European Commission, Amadeu Altafaj, said the reports of restructuring preparations were “nonsense”. He added he was confident that Greece will be able to refinance its own debt after 2013.