October 27, 2011
A deal that imposes 50 percent losses on private sector bondholders means Greece's debt burden will be sustainable, Greek Prime Minister George Papandreou said on Thursday.
Greece will produce no more primary budget deficits from next year, but some of the country's banks may face temporary nationalization as a result of the debt relief, he warned.
"The debt is absolutely sustainable now," Papandreou told a news conference after a meeting of euro zone leaders, which reached agreement with private investors on a 50 percent write-down.
"Let's hope a new and better day dawns, both for Greece and for Europe... Greece can settle its accounts from the past now, once and for all."
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