Reuters/New York Times
April 16, 2011
Greece should restructure its debt soon to help rebuild its economy, former Socialist Prime Minister Costas Simitis was quoted as saying on Saturday.
There is growing speculation that the euro zone member will eventually need to restructure its debt, despite official denials, and that Germany, the European Union's wealthiest member, is working on such a plan.
"A well-prepared restructuring will essentially improve our situation," Simitis told To Vima newspaper in an interview. "As long as it is being delayed, the debt which cannot be restructured gets bigger."
Simitis, chief architect of Greece's entry into the euro in 2001, was expelled from the Socialist PASOK parliamentary group in 2008 for publicly attacking party leader George Papandreou's call for a referendum on the EU's Lisbon Treaty.
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