April 12, 2011
The European Union president on Tuesday ruled out any restructuring of Greece's crippling debt, but pressed Athens to see through unpopular reforms intended to balance its finances after years of overspending.
Herman Van Rompuy said changing the repayment terms for the estimated €340 billion ($492 billion) burden "would create more problems than solutions." Many analysts expect some kind of eventual restructuring, although the Greek government insists that is not on the cards — and Van Rompuy agreed.
"Not only is (restructuring) not on the table, it is out of the question," he said.
But as budget figures showed the government is still struggling with its tough savings targets, Van Rompuy warned that Greece has no option but to stick with its long-overdue economic reform program.
In a Twitter message, he expressed confidence that Greece will pull through.
"It may take time, like Ulysses going home, but (the Greeks) will be stronger," he tweeted.
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