Vice Premier and Finance Minister Zoran Stavreski has said the financial situation in Greece was grave, adding it would not have any significant effect on the stability of the Macedonian financial sector.

"The situation in Greece is becoming more serious and it is almost certain that within the near future the country will not be able to fully pay its debts. My expectations are that a controlled bankruptcy will occur, where European countries and Greece agree on the percentage of the Greek debt regarding state bonds it cannot pay back", stressed Stavreski.

According to the FinMin, this percentage would amount to about half of the debt to be waived by French and German banks.

"This is the lesser evil from the two at disposal. The other option is a non-controlled bankruptcy, where Greece would declare a unilateral failure to service liabilities, which would cause an even bigger chaos and panic among European states and the capital market", said Stavreski.

He expressed hope the first solution would be implemented, rather than the second.

"Pertaining to the Denar stability, it is fully guaranteed, since this depends on the operations of the Macedonian National Bank and the Finance Ministry, i.e. Macedonia's monetary and fiscal policy", stated Stavreski.

He said that as long as the country implements sound policies, the Denar stability would be guaranteed.

"Our policies have been confirmed by all missions and reports by international financial institutions, where Macedonia has been assessed as a country with the most sound economic policies in the region. As long as the general economic liquidity is under control through keeping of a low level of the budget deficit and sustaining of the projected flows by the National Bank, the Denar and foreign currency exchange stability is guaranteed in the Republic of Macedonia, accompanied by stability of the banking sector", underlined Minister Stavreski.