Sunday November 23, 2014 Search
Weather | Athens
18o C
10o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Greek debt unsustainable, says Rehn, who rules out restructuring

European Economic and Monetary Affairs Commissioner Olli Rehn admitted on Wednesday that Greece’s debt, expected to reach 189 percent of GDP next year, is not sustainable and that the country’s lenders will need to tackle the issue soon, although he ruled out the possibility of an official sector debt restructuring.

“There is no denying that it is increasingly unsustainable without further measures designed for reducing debt,” Rehn said in response to a question from reporters in Brussels regarding Greece’s debt.

He spoke of “four chapters” regarding Greece that need to be concluded in the weeks to come.

“The first two chapters – fiscal and structural – will be voted in the Greek Parliament tonight and over the weekend,” he said in reference to last night’s vote on structural measures and spending cuts, as well as Sunday’s ballot on the 2013 budget. “But beyond that we also need an agreement on financing needs and debt sustainability.”

Speaking to Reuters, however, Rehn ruled out the possibility of the European Central Bank and Greece’s eurozone partners writing down the amounts they are owed by Athens.

“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,” Rehn said.

“However, no haircuts of official loans are on the agenda and they are not necessary,” he added.

Rehn said Greece’s lenders were “assessing the financing needs” of Greece should its adjustment program be extended from 2014 to 2016.

ekathimerini.com , Wednesday November 7, 2012 (23:20)  
Cyprus on agenda in Biden visit to Istanbul
PASOK nixes Papandreou leadership challenge
Troika tests gov’t nerves as budget rift persists
Climate change to hit farming, Greek coastline
Fitch keeps Greek rating at ‘B,’ outlook stable
Fitch Ratings retained Greece’s sovereign credit rating at ‘B’ and its outlook as stable late on Friday but warned of a downgrade should snap elections prove inconclusive or negotiations wit...
More cash for banks with same papers
Greek banks will be able to draw additional liquidity from the European Central Bank after Frankfurt issued a guideline on Friday that revises the “haircut” applying to securities issued or ...
Inside Business
INTERVIEW
Tokyo hopes to change the world
The 2020 Summer Olympic and Paralympic Games in Tokyo will serve as a springboard for the rebuilding of Japan’s image and economy following the triple blow of the earthquake, tsunami and nuc...
BASKETBALL
Big win for Greens, tight one for Reds
Panathinaikos scored a crucial as well as emphatic away win at Turow on Thursday that should see it qualify from its tough group to the top 16 of the Euroleague, while Olympiakos saw off vis...
Inside Sports
COMMENTARY
Is Europe paying attention?
Barack Obama brought hope to the entire world when he was elected president of the United States in 2009 and then again in 2012 for a second term. During his first visit to Europe, marked by...
EDITORIAL
A reasonable agreement
Greece cannot and should not allow itself to be left without a safety net to make up for any funding needs that may crop up after the end of the year. Without such protection it would be at ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Cyprus on agenda in Biden visit to Istanbul
2. PASOK nixes Papandreou leadership challenge
3. Troika tests gov’t nerves as budget rift persists
4. Climate change to hit farming, Greek coastline
5. Piraeus nightclub shooting leaves 3 seriously injured
6. London court to rule on extradition of former judge
more news
Today
This Week
1. Fitch keeps Greek rating at ‘B,’ outlook stable
2. Piraeus nightclub shooting leaves 3 seriously injured
3. Climate change to hit farming, Greek coastline
4. PASOK nixes Papandreou leadership challenge
5. Cyprus on agenda in Biden visit to Istanbul
6. Troika tests gov’t nerves as budget rift persists
Today
This Week
1. Double quake on Atalanti fault line rattles Greek capital [Update]
2. Greece and Poland switch roles as young Greeks head to vibrant Eastern European country for better prospects
3. Anti-junta uprising anniversary to be marked amid tight security
4. Biden heads to Istanbul amid tension over Cyprus EEZ violation
5. Carlsberg takes control of Greek brewer Olympic Brewery [Update]
6. Every age has its collaborators
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.