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No time for Greek 'haircut' - Rehn

Wednesday, Nov 07, 2012 - 00:42

Lengthening the maturities of official loans to Greece and lowering interest charged on them could help reduce the country's huge public debt, but a haircut is not on the agenda and is not necessary, the EU's top economic official said. Rough Cut (no reporter narration)

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EU Economic and Monetary Affairs Commissioner Olli Rehn said the International Monetary Fund, the European Commission and the European Central Bank were now working with the Greek government to find a way to cut the debt, seen at almost 190 percent of GDP next year, to a more sustainable level around 120 percent. (SOUNDBITE) (English) EU ECONOMIC AND MONETARY AFFAIRS COMMISSIONER, OLLI REHN, SAYING: "The debt burden of Greece is clearly - for the moment - not sustainable. Therefore, It is important to look at ways and means to reduce the debt burden of Greece. We are currently doing this together with the IMF and the Greek government and it may be a combination of factors related to the length of maturities and level of interest rates of official loans. However, no haircuts of official loans are on the agenda and they are not necessary," Rehn told Reuters TV in an interview.

No time for Greek 'haircut' - Rehn

Wednesday, Nov 07, 2012 - 00:42

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