Thursday November 27, 2014 Search
Weather | Athens
14o C
8o 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)  
Greece says EU/IMF bailout exit could be delayed for ´technical´ reasons
Ship with 700 migrants safely towed to Greek coast
Independent Greeks MP to be questioned over bribery claims
Greece paralyzed by major strike, flights cancelled
Bank of Cyprus posts 76 million euro nine-month profit
Cypriot lender Bank of Cyprus posted a profit of 76 million euros ($95 million) in the first nine months of the year, helped by the disposal of assets in Ukraine, Romania and Serbia. It also...
ILO report warns of prolonged social crisis unless steps are taken in employment
The International Labor Organization this week warned that Greece faces a prolonged social crisis unless steps are taken to improve the "anemic" pace of job creation. In a report titled "Pro...
Inside Business
SOCCER
Atletico drubs Olympiakos 4-0, leaving Reds with slim chances of CL qualification
Atletico Madrid avenged its 3-2 defeat in Piraeus in September with a 4-0 win over Olympiakos on Wednesday, meaning the Greek champion only has mathematical hopes left for a spot in the next...
SOCCER
Atletico eyes last 16 berth against Olympiakos
Greek champion Olympiakos faces a tough task if it is to prevent last season's beaten finalist Atletico Madrid sealing its passage into the last 16 of the Champions League at the Vicente Cal...
Inside Sports
COMMENTARY
Scraping together the 180 MPs will not be enough
Even if the coalition government was to scrape together the 180-MP majority it needs to elect a new President in the 300-seat House, skeptics say, what will change really? There is one evide...
EDITORIAL
Taking back what’s stolen
A large group of public prosecutors and state officials (coming from various departments) have been working on major corruption cases. Of course it is their duty to do so, yet their actions ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Bank of Cyprus posts 76 million euro nine-month profit
2. Greece says EU/IMF bailout exit could be delayed for ´technical´ reasons
3. Ship with 700 migrants safely towed to Greek coast
4. ILO report warns of prolonged social crisis unless steps are taken in employment
5. Greek tobacco firm Papastratos planning 25-mln-euro investment
6. Independent Greeks MP to be questioned over bribery claims
more news
Today
This Week
1. Troika talks to continue after failure to wrap up negotiations in Paris
2. Greece scrambles to find food, shelter for 700 migrants on crippled ship
3. Chief suspect in Piraeus bar shooting arrested
4. Greek diplomat dies in fall under Thai train
5. Greek, German, Portuguese, Spanish debt to benefit most from ECB QE - ABN Amro
6. Bourse index recovered on Wednesday
Today
This Week
1. Give Greece a chance
2. Biden heads to Istanbul amid tension over Cyprus EEZ violation
3. Scientists expand excavation of ancient Amphipolis
4. Extremism from a bygone era
5. Piraeus nightclub shooting leaves 3 seriously injured
6. Cosco’s Greek unit adds multinational rail-freight client
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.