New haircut not ‘urgently needed,’ ESM head tells German weekly

The chief of the European Stability Mechanism Klaus Regling said he was not among those who believed «a new haircut [for Greek debt] is urgently needed.»

Regling’s comments appeared in a pre-released interview scheduled for publication in German weekly Die Ziet on Thursday.

The ESM head also noted overall progress in the European financial crisis, saying that while competitiveness was increasing, federal deficits were decreasing.

Regling said that he hoped Greece would move to implement more reforms in order to boost growth, instead of restructuring the debt once again.