Friday, January 28, 2011

Papandreou: No move to restructure Greek debt

Market Watch
January 27, 2011

Greece isn’t moving to restructure its sovereign debt, Prime Minister George Papandreou told the World Economic Forum’s annual meeting on Thursday.

“We are not moving to restructuring ... We have a road map to move out of the debt problem,” Papandreou said in a panel discussion at the World Economic Forum’s annual meeting, where he was joined by European Central Bank President Jean-Claude Trichet and British Deputy Prime Minister Nick Clegg.

Greece has seen rounds of sometimes-violent protests and strikes since the government began moving to implement far-reaching austerity measures aimed to bring down a massive deficit. Greece’s debt woes sent its borrowing costs soaring, shutting it out of credit markets last spring and forcing it to take a €110 billion bailout package from the European Union and International Monetary Fund.


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