Saturday, May 14, 2011

EU, IMF ready for Greece restructure; ECB, France against

The IMF, European Commission and German government are calling for a lengthening of terms on Greek state bonds, die Weltreported in an advance copy of a report titled "EU, IMF ready for Greek debt restructuring -- ECB and France against."
 
The German daily used the German word "Restrukturierung", meaning restructuring, rather than rescheduling.
 
"When you look at the latest data, it is clear that the situation has changed," die Weltsaid.
 
The EU called on Friday for Greece to take additional steps to consolidate public finances this year because it is missing its deficit reduction targets.
 
However, many economists expect some form of extra financing for Greece will be necessary to avoid a debt restructuring.
 
The German finance ministry declined to comment on the report.








REUTERS