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Saturday, October 13, 2012

Euro zone mulls new ways to cut Greek debt

ECB Executive Board member AsmussenTOKYO (Reuters) - Euro zone officials are considering new ways to reduce Greece's huge debt because delays in reforms by Athens and continued recession have put the target of 120 percent debt to GDP ratio in 2020 out of reach, euro zone officials said. A Greek debt sustainability analysis prepared by the International Monetary Fund, the European Central Bank and the European Commission in March forecast Greek debt would rise to 164 percent of GDP in 2013 from around 160 percent in 2012 under a baseline scenario, assuming the Greek economy stopped contracting next year. ...



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