January 25, 2012
European Union finance ministers on Tuesday further pressured Greece and its private-sector creditors to ensure a proposed deal to restructure Greece's private-sector debt will be enough to put the country back on a firm fiscal footing.
The International Monetary Fund and wealthier euro-zone countries want a low average interest rate on new bonds to be issued as part of the restructuring, in order to ensure Athens can pay its debts and avoid extra financing.
But after 24 hours of talks, EU finance ministers urged Greece to implement tough austerity and structural overhauls and provide more written assurances to its partners that it would meet its promises before a second bailout can be implemented.
"We need clear commitments from all the political forces in Greece so that there is clear backing for the new program. That is a necessary precondition for a new Greek program to succeed," said Olli Rehn, the European commissioner in charge of economic affairs.
German Finance Minister Wolfgang Schäuble said Greece must commit to carrying out the pledges for overhauls the country has made, no matter who wins elections expected to take place in April. Lucas Papademos was appointed to lead an interim technocrat government late last year to secure new bailout funding for the country.
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