Associated Press
May 17, 2011
Greece's private creditors may be asked to give the struggling country more time to repay its debts, the European Union's top economic official said Tuesday, marking an important shift in the region's attitudes towards solving the crisis.
Until this week, European officials had denied that extending debt repayments had even been discussed, for fear of undermining market confidence. But many investors are convinced a change in Greece's debt deals is inevitable at some point.
"A voluntary extension of loan maturities could ... be examined" together with asking banks and other investors to maintain their exposure to Greece, the EU's Monetary Affairs Commissioner Olli Rehn told journalists after a two-day meeting with European finance ministers.
Before any such move is considered, however, Rehn said the Greek government was expected to announce in coming days new spending cuts and reforms to make sure it can lower its budget deficit to the targets set out in its bailout program.
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