Varoufakis: Greece to borrow on markets once it has debt restructuring

Greece will be able to borrow from the financial markets once it achieves a debt restructuring, investment and sustained primary budget surpluses, Finance Minister Yanis Varoufakis said on Wednesday.

“For one to be able to return to the markets for borrowing you need to meet three criteria: primary surpluses, restructuring of debt and investments,” he told Real FM radio.

“I’m speaking about debt swaps which will significantly reduce the debt,” he said, when asked how Athens would achieve a debt restructuring.

Athens will start discussions with EU and IMF partners to fill the state’s funding gap, after having agreed on a four-month plan to extend the country’s bailout program.

The country has been frozen out of international capital markets since it was bailed out in 2010, apart from two bond issues made last year made under a previous conservative-led government. [Reuters]