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Greek Debt Restructure Unneeded, Provopoulos Tells Kathimerini

Greece doesn’t need to restructure its debt provided the country sticks closely to targets to reduce its deficit, Greek Central Bank Governor George Provopoulos said in an interview with Kathimerini newspaper.

A restructuring isn’t necessary, desirable or possible, Kathimerini cited Provopoulos, who’s also a member of the European Central Bank Governing Council, as saying. The social and economic cost of restructuring would be great, he said, according to Kathimerini.

This week’s preliminary agreement on extending the planned repayment of 110 billion euros ($145 billion) of European Union and International Monetary Fund loans would be a “defeat” for those who want debt restructuring, he said.

Provopoulos said Greece could return to international markets by the end of next year as long as the government sticks to promised targets and there are clear signs the economy is poised to return to growth, according to the interview. Greece needs to draft an analytical ‘road-map’ that will revive growth, he said.

To contact the reporter on this story: Maria Petrakis in Athens at mpetrakis@bloomberg.net

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net

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