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German ex-minister for restructuring Greek debt

German ex-minister for restructuring Greek debt

A former German finance minister is reportedly advocating a restructuring of Greece's debt.
Peer Steinbrueck was quoted as telling Der Spiegel magazine Saturday that "Greece won't get back on its feet without a restructuring of its credits."
He argued that creditors will have to lessen Greece's debt burden, perhaps by taking so-called "haircuts," or losses on investments.
Steinbrueck _ who was finance minister until October _ said it would be a mistake "to keep on postponing the inevitable to the detriment of taxpayers out of consideration for a few banks."
Greece narrowly avoided bankruptcy in May, when European countries and the International Monetary Fund granted Athens emergency loans worth (EURO)110 billion ($140 billion) through 2012.


Updated : 2021-06-22 10:23 GMT+08:00