Friday August 29, 2014 Search
Weather | Athens
31o C
24o 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)  
Quake measuring 5.7-Richter hits southern Greece
Exam results spell trouble for some universities
Police names suspects in 400,000-euro heist
Rector takeover marred by protest
Greek quest for debt relief faces hurdles in Paris
As Greek Prime Minister Antonis Samaras tries to follow Ireland and Portugal out the bailout exit door, he faces a month of bargaining. For a nation that’s already gone through the biggest d...
Foreclosures threat pushed back
An agreed foreclosure protection period currently granted to first-home buyers unable to settle overdue tax amounts will be conditionally extended beyond the end of the current year, when it...
Inside Business
SOCCER
Panathinaikos, PAOK and Asteras Tripolis through to Europa League group stage
There was a triple success for Greek soccer on Thursday as PAOK, Panathinaikos and Asteras Tripolis made it through to the Europa League group stage. PAOK had a challenging task after a 1-0 ...
SOCCER
Olympiakos drawn against Spanish, Italian and Swedish champions in CL
Olympiakos will face the champions of Spain, Italy and Sweden in the group stages of Europe's top soccer tournament, the Champions League. Thursday's draw in Monaco was not particularly kind...
Inside Sports
COMMENTARY
Stifled dreams
At more or less the same time every year, we see the same images of high school graduates looking through the Education Ministry’s lists of those who passed and those who failed the national...
EDITORIAL
Staying on the same page
No government can function effectively when its ministers are not on the same page and working toward the same ends, no matter what some – such as the current education minister – may think....
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Quake measuring 5.7-Richter hits southern Greece
2. Greek quest for debt relief faces hurdles in Paris
3. Panathinaikos, PAOK and Asteras Tripolis through to Europa League group stage
4. Foreclosures threat pushed back
5. Exam results spell trouble for some universities
6. Police names suspects in 400,000-euro heist
more news
Today
This Week
1. Greek quest for debt relief faces hurdles in Paris
2. Quake measuring 5.7-Richter hits southern Greece
3. Thessaloniki mayor Boutaris sworn in wearing yellow star amid Golden Dawn protests
4. Hardouvelis, ECB executive discuss bank program, stress tests
5. Greece to relaunch tender for mutual horesebetting license
6. Bad debt provisions hit Greece's PPC first half net profit
Today
This Week
1. Brussels warns Greece over plans to allow construction near Korinos beach
2. Merkel cites euro’s ‘construction flaws’ as economy sputters
3. Attack on gay couple in Athens leaves one man needing surgery
4. Purification rituals
5. Second man held over double murder in Mani
6. The battle against progress
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.