EU official rules out Greek debt restructuring

14:56, April 10, 2011      

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The European Union's top economic official on Saturday ruled out the possibility of restructuring Greece's debt.

"We do exclude restructuring," European Commissioner for Economic and Monetary Affairs Olli Rehn said while answering questions at a press conference held after an informal meeting of EU finance ministers.

"We have a solid plan and we are working on the basis of that plan and it is based on careful analysis of debt sustainability," Rehn said.

The EU endorsed a 110-billion-euro bailout package for Greece last year to help the country fight a debt crisis. But some analysts say the debt-to-GDP ratio of Greece is too high and insolvency is inevitable.

They said the EU should consider a debt reduction for Greece and the possibility of restructuring Greek sovereign debt instead of postponing it until 2013 when the EU's permanent rescue mechanism is due to be in place.

Some eurozone finance ministers suggested last week that Greece should restructure its debt, according to a German magazine.

Source: Xinhua
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