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French economic minister opposes Greek debt restructuring: report

English.news.cn   2011-04-18 16:44:11 FeedbackPrintRSS

PARIS, April 18 (Xinhua) -- French Economic Minister Christine Lagarde said Monday that she is opposed to Greek debt restructuring, according to an interview with local radio station LCI.

"We have a contract with Greece, a contract that provides financial support ... we should not restructure the debt," said Lagarde, when being inquired about the appropriateness to restructure the country's long troublesome debt.

The French minister said the debt restructuring discussion wasn't on table during recent EU meetings. Crossing out the debt of the countries in difficulties, namely Greece, Ireland and Portugal, would be "catastrophic," she noted, adding such kind of measures would stem the debt-ridden countries to return to financial markets.

Speculations in financial markets of Greek debt surged after German officials spoke over the weekend of contingency plans to restructure Greece's sovereign-debt.

The European Union has endorsed a 110-billion-euro bailout package for Greece last year to help the country fight a debt crisis, but the improvements seem hard to advance as, according to some analysts, the debt-to-GDP ratio of Greece is too high.

However, many EU officials, including Greek leaders, voiced disapproval of the debt restructuring. Greek Prime Minister George Papandreou said at a cabinet meeting on April 15 that the Greek debt crisis would be solved through the restructuring of the country, not its debt.

Editor: Fang Yang
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