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Greek PM: No debt restructuring in offing

Greek PM: No debt restructuring in offing

Greek Prime Minister George Papandreou insists his country won't default on its (EURO)298 billion ($406 billion) in debt because doing so would be a "catastrophe" for Greece, Europe and the euro.
Papandreou says in published interview that a debt restructuring "is out of the question."
The Greek leader, in Paris for a meeting of the Socialist International, was quoted in the Le Figaro newspaper on Tuesday saying that his people have made "sacrifices" to get Greece's national finances in order.
On Monday, Greece said this year's deficit was now estimated at 9.4 percent, well above the 8.1 percent level it forecast earlier this year when it received a (EURO)110 billion ($140 billion) bailout from European partners and the International Monetary Fund.