European Commission Says Didn’t Intervene With EIB Loan Clauses

European Monetary Affairs Commissioner Olli Rehn didn’t intervene to force the European Investment Bank to remove clauses in loans compelling Greek companies to renegotiate debt if Greece reverts to the drachma, the European Commission said.

The Kathimerini newspaper yesterday reported that Rehn called EIB President Werner Hoyer over the issue.

“Rehn has been misquoted,” spokeswoman Chantal Hughes said in an email yesterday. “In his discussions with EIB President Hoyer, Vice-President Rehn has been informed that the EIB is following normal banking practices and that the issue referred to in the press is settled.”

Kathimerini, based in Athens, had quoted Rehn saying the clauses were “unfortunate and incomprehensible,” without saying how it got the information.

To contact the reporter on this story: Maria Petrakis in Athens at

To contact the editor responsible for this story: Stephen Foxwell at

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