September 14, 2011 / 8:47 AM / 7 years ago

Orderly Greek debt restructuring is illusion-EU official

CORTE FRANCA, Italy Sept 14 (Reuters) - An orderly restructuring of Greece’s debt is an illusion and the contagion risk is enormous, European Commission Director General for economic and monetary affairs Marco Buti said on Wednesday.

The commission, along with the International Monetary Fund and the European Central Bank are working with Greece on a financial rescue of the indebted country.

“There are two illusions on Greece. The first is that it can make an orderly restructuring,” Buti said referring to a July plan for a voluntary private sector restructuring of its Greek debt.

“There have been difficulties but it is the right direction,” he said.

The second illusion is that the Greece debt problems can be isolated within its frontiers. “The risk of contagion is enormous,” he said.

Reporting by Giulio Piovaccari

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