Greek Finance Minister Reiterates No Need for Debt Restructuring

Greek Finance Minister George Papaconstantinou reiterated that his nation doesn’t need to restructure about 300 billion euros ($409 billion) of debt.

“It can be avoided,” Papaconstantinou told Eleftherotypia newspaper in an interview published yesterday, according to a transcript e-mailed from his office. He cited goals to create a primary surplus of as much as 6 percent, structural changes to lift the economy’s real growth rate above 2 percent and plans to extend the maturity of loans granted under the 110 billion-euro European Union-led bailout in May. “More favorable” financing rates for Greece’s loans will also help, Papaconstantinou said.