May 13, 2011
A senior International Monetary Fund official said Thursday that debt restructuring would provide no miracle cure for Greece's debt crisis, as a delegation of European and IMF officials continued to pore over the Greek government's finances in Athens.
The delegation is in the Greek capital to examine whether the country's tough economic program is still on track and whether its financing plan is sustainable. Their agreement is needed before they release another slice of funds next month from a €110 billion ($157.8 billion) rescue package agreed upon a year ago.
But public- and private-sector analysts agree that the €110 billion won't be enough, saying Greece will need to find a way to fill a finance shortfall of as much as €60 billion to tide it through 2013.
"Obviously, there is going to be new official money," said Alessandro Leipold, a former senior IMF official who is now chief economist at the Lisbon Council, a Brussels think tank.
One way to ease Greece's troubles would be to change the terms of Greece's existing private debt—a so-called restructuring. However, Antonio Borges, director of the IMF's European department, speaking said in Frankfurt that he doesn't see a "miraculous restructuring solution" to Greece's debt travails.
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