Wall Street Journal
June 11, 2011
Highly indebted Greece needs a "soft, voluntary restructuring" of its debt, said Jean-Claude Juncker, the head of the group of countries using the euro as a common currency, in a radio interview Saturday.
At the same time, he lashed out at the U.S., calling their debt level "disastrous."
Backing proposals by German Finance Minister Wolfgang Schäuble, Mr. Juncker told Inforadio Berlin Brandenburg that private lenders need to participate in a fresh aid program for Greece, but only on a voluntary basis.
Also, any such move has to be made in a way that credit ratings agencies don't interpret as a credit default, he said. And it needs to be done without the "danger of infecting" other euro-zone members.
The euro group president didn't explain what exactly such a voluntary, soft restructuring should look like, but he said there won't be a full restructuring of Greek debt.
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