Greece may be heavily indebted but it is not insolvent and does not need to restructure its debt, European
Central Bank Executive Board member Juergen Stark said on German radio on Tuesday."In the end, a restructuring does not solve the problem Greece has to deal with," Stark told Bayerischer Rundfunk. "Greece has to tackle structural problems, and the budget must be put in order."
Stark said the programme Greece agreed a year ago with international lenders in exchange for a bailout was realistic and must be implemented.
"Greece has a high debt level, but Greece is not insolvent," he said.
Credit ratings agencies hammered Greece on Monday after senior euro zone policymakers acknowledged that Athens will need a second bailout package soon to avert a disorderly overhaul of its debt obligations.
REUTERS
