Brussels, 02/05/2011 (Agence Europe) - EU Economic and Monetary Affairs Commissioner Olli Rehn has categorically rejected the idea of restructuring Greece's debt. “I repeat - it is not part of our strategy and it will not be”' he said on Monday 2 May at a conference on financial integration in Europe (see separate article). He added: “The proponents of debt restructuring seem to ignore the potentially devastating financial stability implications for the country itself and for the euro area as a whole.” Greece's debt now stands at €340 billion, some 150% of GDP in 2011.
Olli Rehn said that Spain would not follow the path of Greece, Ireland and Portugal because it would not need to request any international aid. He said that the financial, budget and structural reform measures taken by the Spanish government had put its economy in a stronger position. The Eurogroup meeting on 16 May will be asked to endorse a nearly €80 billion aid package for Portugal, in return for a tight economic adjustment programme. (M.B./transl.fl)