Reuters
May 10, 2011
French Finance Minister Christine Lagarde said it is hard to see Greece returning to debt markets in 2012, as envisaged under an EU bailout package, and Europe would have to keep financing countries in difficulty to avoid a costly restructuring.
Lagarde said that no decision had been taken on the possible amount or form of any supplementary aid for Greece, but a debt restructuring was out of the question because it would mean higher interest rates for all euro zone members and losses for the ECB on its Greek debt portfolio.
"We totally exclude it in any form. Nor is there any question of Greece leaving the euro zone. I want to reassure investors," Lagarde told Le Figaro newspaper in an interview due to be published on Wednesday.
Asked about reports that a new aid package worth 60 billion euros ($86 billion) was being prepared for Greece, Lagarde said: "No decision has been taken."
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