LONDON (MNI) – No-one is looking for a restructuring of Greek debt
at the moment, the head of the country’s debt agency Petros
Christodoulou said at a conference here today.
“No-one at the moment is looking at a restructuring in Greece –
no-one within, no-one outside Greece,” he said.
“If there was to be a restructuring why would they give fresh
money – only to get a haircut on it,” Christodoulou said.
Greece, he said, has been buying bonds over the past month
rather than issue them, the head of the country’s debt agency Petros
Christodoulou said at a conference here today.
“This past month we have been buying not issuing,” he told a
conference hosted by Bloomberg here.
Asked if Greece would return to the markets before Q1 2012, the
official stressed there are currently “other things far more important
to address” – notably fiscal consolidation and structural reform.
“This is something we are focusing on at the moment not whether we
will back in the market by first quarter 2011 or so on … ”
Eventually, Greece could return to the bond markets but this would
only take place once the government had proven its willingness and
capacity to tackle its fiscal and economic problems.
“If once we start convincing the markets and we have some numbers
under our belt … then all this fear which is proliferating in the
markets will be put aside and people will be asking for paper
So far this year, public finances are “starting to shape up”, he
said:
“We have managed so far in the first 5 months of this year to hit
the deficit reduction pace …”
Christodoulou emphasized that the willingness of the Greek and EU
authorities to deal with Greece’s fiscal problems:
“You would be amazed how determined the European politicians are,”
he said.
“Where there is a will, there is a way,” ha added.
[TOPICS: MT$$$$,MFX$$$,MFXBO$,MGX$$$]
