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Monday, February 17, 2014

Olli Rehn: Discussion of Greek Debt, “From Summer Onwards”

The viability of the Greek debt and the financing gap for the years 2015-2016 will be discussed “from the summer onwards,” European Commission Vice-President and Commissioner for Economic and Monetary Affairs and the Euro Olli Rehn told an interview with German Sunday newspaper Welt am Sonntag. He noted that the official Eurostat report for the Greek fiscal data will be available on April 23. The Commissioner proposed that the World Bank be also involved in Greece at a future stage to offer help, saying that “Greece’s economy at the start of the programme was in a condition that often made the World Bank more useful than the International Monetary Fund (IMF).” Referring to the June 2012 elections, Rehn revealed that Europe was prepared even for the eventuality of an economic disaster, but, “Thank God, the catastrophe did not happen.” “In the case of Greece, we have to decide three things: First, we must complete the current troika mission, which began as of September. This relates to Greece’s funding in 2014 and the state of reforms. This will be done soon. Secondly, the financing gaps for 2015 and 2016, and thirdly, the issue of debt sustainability,” the Commissioner said. Referring to the debt viability, Rehn stressed that the specific issue will be discussed “only after we know that Greece achieved a primary surplus in the past year.” (source: ana-mpa)