Top EU official “certain” Greece and other eurozone countries won’t have to restructure debtBy AP
Thursday, September 23, 2010
EU commissioner: no debt restructuring
BERLIN — A senior EU official is underlining European leaders’ insistence that no country in the eurozone will default on its debt.
Economic and Monetary Affairs Commissioner Olli Rehn said at a conference Wednesday that “there will be no restructuring of Greek sovereign debt nor … any other eurozone country.”
Rehn added: “The potential costs, both economic and political costs, of this for the eurozone and the European Union, would be so devastating that we will do everything to avoid it, and I’m certain we will be able to avoid it.”
EU leaders drew up a rescue package for Greece and a backstop for other countries earlier this year but market jitters over European sovereign debt troubles have continued to flare.
Tags: Berlin, Debt And Bond Markets, Europe, Financing, Greece, Restructuring And Recapitalization, Western Europe