Either Debt Restructuring or Bailout as Options for Greece
This is a transcript of top stories presented by China's CCTV Business Channel as produced by CNBC Asia Pacific.
Hi, Saijal Patel and you're watching "Asia Market Daily". Many investors believe Greece has little chance of avoiding a default. CNBC's Carolin Schober filed this report from Athens, exploring some possible outcomes.
Carolin Schober, CNBC:
There are now a number of options for Greece, on one hand it could get another bailout package to the tune of 60 billion Euros, on the other hand it may have to reprofile its debt; call it whatever you want but it is definitely a restructuring of the debt, a soft restructuring.
Carolin Schober, CNBC:
But really there's no unified voice within Europe at the moment, today we got a plethora of comments from a number of EU & IMF officials debating whether it's good or whether it's a terrible idea. The ECB came out and said, "this is a terrible idea, it will be a disaster for Europe." On the other hand we've got Juncker saying this is a possibility even if it is a very distant one. Now what EU and IMF officials do agree on though, is the fact that Greece needs to do more in bringing down its fiscal deficit, bringing down its unsustainable debt levels, and that will have to be done primarily now through privatizations. Very little has been done on this front and I want to remind you that Greece is planning to rake in some 50 billion Euros from privatizations by 2015. Now, what we do know is that there is a lack of political consensus in Greece though and that has been hindering this process of bringing down the debt levels and increasingly EU officials are getting very very frustrated. They now say the future of Greece depends on the fact whether these political parties will find an agreement. Carolin Schober, for CNBC; Athens, Greece.
It's not just foreign central banks that are helping to keep the U.S. economy afloat.
Foreign travelers also make up a big chunk of change for the tourism sector.
But, as CNBC's Jane Wells reports, chasing the American dream has gotten a lot harder for some.
Jane Wells, CNBC:
Foreign tourists to the united states helped support nearly two million jobs and brought in over 130 billion dollars last year. But travel executives meeting in Las Vegas are talking about the half trillion dollars they say didn't come here, over what they call "the lost decade." Since 9/11 visa requirements have become much stricter for tourists from emerging markets like China, India and Brazil. It can take 100 days to get a visa and in the end a lot of money that could be spent here, is spent elsewhere.
Roger Dow, President and CEO, U.S. Travel Association:
If you go to Brazil which is as big as the United States there's only four places in Brazil where you go for your interview. Can you imagine if you had to go to Chicago, Pittsburgh, Miami or Detroit for your visa, you wouldn't go from LA, you'd stay in LA. It has to become a priority, it has to to become a presidential priority. There's no win in it for the state department. One bad person comes in, and everybody starts pointing fingers. People have to step back and take a look at the economy, what it does for diplomacy, and what it does for jobs and make it a priority.
No one wants things changed more than hard hit Las Vegas and California, which thinks U.S. consulates and embassies need to add more visa officers and change their attitude.
Rosse Ralenkotter, President and CEO, Las Vegas Convention & Visitors Authority:
Those are really sales offices in the United States so from a business standpoint if you know you've got people lined up, and you've got a hundred day wait to get a visa and have your vacation approved, let's get things streamlined then.
Should there be sales offices?
Caroline Beteta, President and CEO, California Travel & Tourism Commission:
Well yes they do because they represent America. They are Americans in the market place itself. For example, when we were able to get visa waiver out of South Korea in 1 year, just the LA regional tourism economy and increase visits and spending by almost 20% from South Korea in just one year.
Here's an example of what the U.S. is missing out on? The U.S. travel association says the United States is the number one dream destination for Chinese tourists, but because it's so hard to get a visa, they're going to Europe. Last year 800-thousand Chinese visitors came to the U.S. - nearly a million went to France. I'm Jane Wells, CNBC Asia, reporting from Las Vegas.
Thanks for watching the latest "Asia Market Daily". I'm Saijal Patel from CNBC.
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