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Greece Certain to Find ‘Life After Debt,’ OECD’s Gurria Says

July 4 (Bloomberg) -- Greece will overcome its fiscal problems and find that “there’s life after debt,” said Angel Gurria, secretary general of the Paris-based Organization for Economic Cooperation and Development.

Gurria, a former Mexican finance minister, said Greece faces problems similar to those once tackled by his own nation.

“Mexico never defaulted, but they negotiated with their own creditors a voluntary arrangement,” Gurria said today in an interview with Bloomberg Television in Rome. “After a few years, we moved along to other, more definitive solutions. In the end, I can tell you: there’s life after debt.”

One year after the 110 billion-euro ($160 billion) bailout that aimed to end the region’s debt crisis, Greece is in danger of defaulting without a new rescue package. Some European countries, led by Germany, have pushed for private investors to shoulder some of the burden of a new aid plan and are seeking commitments from banks and insurers to roll over 30 billion euros of bonds into longer-maturity debt to ease the country’s financing needs.

The final solution for the Greek debt crisis will have to involve private creditors, Gurria said.

“Every day there is a new plan, there are so many plans,” he said. “We’re not very well coordinated in explaining and speaking. We should speak with a sole voice. I think we are still not there. I think the ultimate solution will have to involve creditors.”

To contact the reporters on this story: Flavia Rotondi in Rome at rotondi@bloomberg.net; Sonia Sirletti in Milan at ssirletti@bloomberg.net

To contact the editor responsible for this story: To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net.

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