* Europe needs to come up with Greece plan now - OECD
* Creditors can help give Athens breathing space
(Adds comments, detail)
VIENNA, July 11 Europe needs to come up with a
plan now to get private investors to contribute to a bailout for
Greece and give Athens time to deal with its problems, the head
of the OECD club of industrialised nations said on Monday.
"Time is critical, time is important to avoid a liquidity
problem becoming a solvency problem. Time is of the essence also
in order to allow for a recovery of everyone," Angel Gurria,
head of the Organisation for Economic Cooperation and
Development, told reporters.
The euro zone's 17 finance ministers will discuss how to
secure a contribution of private sector investors to the second
bailout of Greece later on Monday.
Gurria, in Vienna for an economic survey of Austria, said it
was essential for the private sector to take part in the Greek
"Creditors should themselves contribute by extending the
maturities (on debt) at least in the beginning, just extending
the maturities long-term, allowing time for the policies to
happen and then to be able to know better how much is required."
He said Greece needed time to carry out steps such as
improved tax collection and its privatisation plans.
"Then in a few years time, if we have prolonged the time and
given ourselves this space, this oxygen, we will be in a better
position to determine whether some reduction in the nominal
amount of the debt is necessary," he said.
(Reporting by Sylvia Westall; editing by Patrick Graham)