November 22, 2012 / 1:20 PM / in 5 years

ECB's Asmussen says everyone must move on Greek debt

BERLIN, Nov 22 (Reuters) - Greece’s international lenders must be willing to compromise if they want to avoid a write-down on public creditors’ holdings, European Central Bank board member Joerg Asmussen was quoted as saying on Thursday.

“Whoever wants to avoid a haircut of public creditors and sees that as a red line, must be ready to move on other issues,” Asmussen was quoted as saying in Germany’s Passauer Neue Presse. “Everyone must show a willingness to move as that’s the only way we can come to a result next Monday.”

Asmussen added a debt buyback and substantially lowering interest rates on existing debt were two possible options to reach debt sustainability but that the solution would be a mix of measures.

Euro zone finance ministers, the ECB and the International Monetary Fund have met twice in the past two weeks but failed both times to agree on the next steps for Greece and how to bring its debt level down to a sustainable level, despite more than 24 hours of negotiations.

They will meet again on Monday.

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