Simitis says Greece will need another debt restructuring

Former Prime Minister Costas Simitis believes Greece will need a new haircut to make its debt sustainable.

In an interview with German newspaper Handelsblatt published on Saturday, Simitis said that since Greek public debt would be at 124 percent of GDP in 2020, another restructuring would be needed.

“A comprehensive solution requires total debt to be at a much lower level, substantially below 100 percent of GDP,” Simitis told the newspaper.

He also expressed concern that social cohesion in Greece would suffer unless the state of the economy improves.