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DB backs Greek proposals on debt handling

By Sotiris Nikas

In a report seen by analysts as supporting Greek proposals, Deutsche Bank on Wednesday branded the criterion used to assess the sustainability of the Greek debt – the ratio of debt to GDP – as narrow-minded, and estimated that a new debt restructuring by extending bilateral loans to 50 years could reduce the country’s burden by up to 26 billion euros in net present value terms.

In doing so, Germany’s biggest lender has launched a debate about changing the way debt sustainability is determined, placing more significance on whether it is manageable rather than on its size. It added that Greece will easily secure a primary surplus for the 2013 financial year, which will lead to talks for the measures to ease the country’s debt further “in the coming weeks.”

Separately, Bloomberg said yesterday that Europe will have to learn from its mistakes and should not allow Greece to drown in its debt.

ekathimerini.com , Wednesday February 12, 2014 (22:12)  
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