'Greece is a country that is like Lehman Brothers'
BRUSSELS (AFP) - Finnish minister compares Greece to collapsed Lehman.
• Bailouts in Europe: country-by-country
• 'One of the best reporting seasons ever'
Finland's finance minister on Sunday compared Greece's debt woes to the collapsed Wall Street giant Lehman Brothers, warning that the whole eurozone would be hit if the Greek economy fails.
"Greece is a country that is like Lehman Brothers. If it fell, it would shake Europe's economy tremendously," Finnish minister Jyrki Katainen said ahead of emergency talks in Brussels with his eurozone counterparts.
"It is clear the eurozone economy would shrink," he added as the 16 finance ministers prepared to endorse a multi-billion euro bailout package for Greece.
Lehman Brothers collapsed in September 2008 in the largest bankruptcy in history, triggering a financial shockwave that dragged the global economy into a painful recession.
Claims from Lehman's creditors total a whopping 875 billion dollars, much of which may have to be written off.
By comparison, Greece has debts totalling nearly 300 billion euros (399 billion dollars).
Last Updated (Monday, 03 May 2010 15:21)
