April 13, 2011
Greece has strongly denied it is heading for a sovereign default amid growing speculation that its debt has become unsustainable, almost a year after it was granted the biggest bailout in history.
Rebuffing reports that the country's burgeoning €340bn (£302bn) debt – predicted to reach 158% of GDP by 2012 – is at imminent risk of becoming unmanageable, the Greek finance minister Giorgos Papaconstantinou ruled out the prospect of a restructure, saying Athens was "on course" to putting its economy on track.
"We [the government] do not agree with the debt restructure idea. We can create new job positions and focus on investments instead. We will not be changing course," he said on Wednesday. "When you are in the depth of recession, you don't necessarily see the light. You think things will continue to be black forever."
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