ECONOMY

Decision on debt to come by year-end

decision-on-debt-to-come-by-year-end

Eurogroup president Jeroen Dijsselbloem told a Dutch newspaper on Monday that negotiations on the issue of adjusting the Greek national debt will have to be completed by the end of the year.

In an interview with De Volkskrant, the Dutch finance minister said that the repayment time for the Greek debt could be extended, but talks on that will have to finish by end-December. In response to disagreements that have become apparent between the eurozone and the International Monetary Fund on the sustainability of the Greek debt and the latter’s participation in the bailout program, Dijsselbloem said that this is a “step-by-step process.”

“We are trying first to give some substance to the notion of sustainability,” he said, noting that on this point there is agreement with the IMF, as the debt’s annual servicing should not exceed 15 percent of the country’s gross domestic product.

On Monday European Commissioner for Economic and Monetary Affairs Pierre Moscovici announced he will arrive in Athens on Wednesday for a two-day official visit.