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Germany’s Feld Urges 50% Greek Debt Cut, Rheinische Post Says

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.

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