ECONOMY

Greek debt ‘unsustainable,’ says BoE policymaker

Greece’s debt is unsustainable and creditors are wrong to believe they can get all their money back, a Bank of England policymaker said on Tuesday.

Germany has said it was unwilling to reduce Greece’s debt, a stance which Martin Taylor, a member of the BoE’s Financial Policy Committee, signaled could be unrealistic.

“It looks to me to be unsustainable,” Taylor told Britain’s Parliament when asked about Greece’s debt.

“If the creditor nations really do believe they are going to get their money back, we are in an even worse situation than I think we are,” Taylor told Parliament’s Treasury Select Committee.

[Reuters]