Monday Jan 26, 2015 Search
Weather | Athens
15o C
9o 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)  
Greek Elections 2015: The day after | LIVE
SYRIZA heads for historic victory but without majority
Prison probes violent attack against N17 convict Xeros
Exit polls suggest big margin of victory for SYRIZA
Talks with troika the main test
The left-wing SYRIZA party’s triumph in the Greek national elections sends a strong message across the eurozone that excessive austerity will have political and social repercussions if pursu...
Fiscal gap from revenues at 2.3 bln euros
With the state budget apparently already suffering revenue losses of more than 1 billion euros in the first month of the year, the new government will have to respond quickly to the major fi...
Inside Business
SOCCER
Olympiakos overcomes depleted OFI at Iraklio
Easy though it may seem, Olympiakos’s 3-0 win at depleted OFI Crete was rather difficult on Saturday, but was enough to keep the Reds on top on Saturday, as they have maintained their two-po...
BASKETBALL
Tremendous Spanoulis sweeps Laboral Kutxa
A hot second half was enough for Olympiakos to undo visiting Laboral Kutxa and score its fourth win in as many games at the second round of the Euroleague on Friday. The 76-64 final score wa...
Inside Sports
COMMENTARY
SYRIZA´s win will test institutions
Greece was at an impasse, with a government that did not believe in what it was doing and an opposition that declared with passionate intensity that whatever the government did was wrong and...
COMMENTARY
The challenge for Tsipras and others
A few years ago, an associate of mine who had met with Alexis Tsipras when the young politician was running for Athens mayor told me how impressed he had been by his confidence. Tsipras was ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Greek Elections 2015: The day after | LIVE
2. SYRIZA heads for historic victory but without majority
3. Prison probes violent attack against N17 convict Xeros
4. Talks with troika the main test
5. Fiscal gap from revenues at 2.3 bln euros
6. Liquidity noose tightening around local lenders’ necks
more news
Today
This Week
1. SYRIZA heads for historic victory but without majority
2. Greek Elections 2015: The day after | LIVE
3. SYRIZA's win will test institutions
4. SMART WATER Project: Outputs and conclusions of the final conference
5. Greek Elections 2015 | LIVE
6. Greek Elections 2015 Results | LIVE
Today
This Week
1. Greek Elections 2015 | LIVE
2. Grexit the only way out of ‘valley of tears,’ says Hans-Werner Sinn
3. Greek Elections 2015 | LIVE
4. No debt writedown or rolling back of reforms for Greece, says Finland's Stubb
5. Greeks fork out nearly 5 pct of their incomes on telecom services
6. QE exclusion a ‘de facto Grexit’
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.