Sunday March 1, 2015 Search
Weather | Athens
11o C
6o 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)  
Spanish PM hits back at Greek accusation of anti-Athens ´axis´
Greece´s lenders skeptical on new bills but focus on funding needs
Lenders to be consulted over collective bargaining
Alleged accomplices of N17´s Xeros caught in Athens
ANALYSIS
Greek debt becoming less sustainable
The agreement between the Greek government and its lenders, which was sanctioned by the Eurogroup last Tuesday, appears to be more of a respite and less of a sea change in the relationship b...
No progress seen in tax administration
Tax evasion loopholes remain wide open in Greece, the monitoring mechanisms are still shackled to political power, and an apparent determination to adhere to all laws and regulations conceal...
Inside Business
SOCCER
Super League to seek way out of impasse
The Super League governing board is convening again on Monday in a bid to overcome the tensions that keeps building up in Greek soccer despite the suspension of action on the field over the ...
BASKETBALL
Spanoulis leads Olympiakos to win over Malaga
A good second half was enough for Olympiakos to get the better of Unicaja Malaga (77-72) and score its seventh win in eight games at the second group stage of the Euroleague on Friday. Playi...
Inside Sports
COMMENTARY
A unionist agenda
Maybe Greece will not experience a credit event, “because it is in no one’s interest,” as Minister of State for Coordinating Government Operations Alekos Flambouraris recently assured. Maybe...
EDITORIAL
The beguiling limelight
Too much media exposure is never a good thing and there is no shortage of newcomers in politics who are beguiled by the limelight. What usually comes after this thrall of publicity is the in...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Super League to seek way out of impasse
2. Greek debt becoming less sustainable
3. No progress seen in tax administration
4. House protection criteria will benefit wealthy borrowers, too
5. Agenda
6. Spanish PM hits back at Greek accusation of anti-Athens ´axis´
more news
Today
This Week
1. Greece's lenders skeptical on new bills but focus on funding needs
2. Schaeuble softens tone, says Greece 'needs time'
3. Greece to prioritize IMF repayments but wants talks on ECB-held bonds, says Varoufakis
4. Lenders to be consulted over collective bargaining
5. Spanish PM hits back at Greek accusation of anti-Athens 'axis'
6. Greek debt becoming less sustainable
Today
This Week
1. Time for Alexis Tsipras to keep his nerve
2. Greek bailout deal faces review by euro officials next week
3. A fierce battle looms
4. The ignorance of the West about the culture of Islam
5. Greece says eurozone deal won time as cash bled from banks
6. Spain said to lead push to hold Greece to terms as Podemos grows
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.