Greek debt must be restructured as soon as possible and should include a reduction by about half, Lars Feld, a member of the German government’s council of economic advisers, said, Rheinische Post reported, citing an interview.
The European Union must first stabilize the area’s banks to prepare them for a possible Greek default, the newspaper cited Feld as saying in a preview of an article to appear in today’s edition. The debt restructuring should take place in the first half of 2012 at the latest, Rheinische Post cited Feld as saying.
To contact the reporter on this story: Karin Matussek in Berlin at firstname.lastname@example.org
To contact the editor responsible for this story: Anthony Aarons at aaarons@Bloomberg.net.