April 15, 2011
A Greek debt restructuring “would not be a disaster” and Germany would back a voluntary effort to ease the struggling euro member’s payment terms, Deputy Foreign Minister Werner Hoyer said. The euro and Greek bonds fell after his comments.
The remarks by Hoyer were the most explicit by a European official showing a 110 billion-euro ($159 billion) bailout for Greece may fail to prevent the first default by a euro country. His message contrasts with Greek Prime Minister George Papandreou’s pledge to avoid a restructuring.
Greece has “done a tremendous job in reforming the country,” Hoyer, who is minister for European affairs, said in an interview today in Berlin. “Whether all this is enough, whether the results will be there soon enough, is a different question. We are looking at the economic developments, the fiscal developments in Greece and we are worried.”
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