April 9 (Bloomberg) - ready relief provided to the Greece last month may be insufficient to restore the financial health of the country, the Finance Minister German Wolfgang Sch?uble, said after EU officials still once excluded debt restructuring.
Euro-zone leaders decided on 11 March to reduce interest rates on loans for the Greece in his plan to rescue of 110 billion euro ($159 billion) and to extend their deadlines. Greece also acquired the right to sell bonds directly to the Fund for relief of the region. "If it is enough and how this continues will have to be closely monitored," told journalists today after a meeting of EU Finance Ministers and the heads of the Central Bank in Godollo, Hungary.The doubts on the finances of the Greece has emerged as EU officials ", said a package of aid for the Portugal would draw a line under the debt crisis in the region, which was triggered by the Greece and engulfed Ireland, four months ago, when this nation has received a $-euro 85 billion bailout. The funds for the Portugal are projected by the EU in total approximately € 80 billion.In return for aid, the Government of Prime Minister George Papandreou is committed to bring the Greece budget deficit limit of 3% of the EU in 2014. The deficit rose to 15.4% of the gross domestic product in 2009. The Greece intends to return to markets for the funding of the next year at the latest.Shrinking economic contraction of the EconomyGreece is projected to 3% in 2011 as austerity measures bite. The economy declined by 4.5 percent last year, more than forecast. The peak at 159.4 nation debt per cent of GDP in 2012, according to projections had made on 24 February. "We exclude restructuring," EU economic and Monetary Affairs Commissioner Olli Rehn said to journalists in Hungary today. " "We have a solid plan and we are working on the basis of this plan." "And it is based on a very careful analysis of debt sustainability."Appearing with Rehn, European Central Bank President Jean - Claude Trichet stressed the importance of the Greek austerity plan. In February, he declared "this program does not include" the concept of losses for holders of bonds.At the meeting in Hungary, euro-zone Finance Ministers ratified decisions of month last reduce the average rate on the loans to the Greece of 1 percentage point, to approximately 3.5 per cent and extend maturities at 7 1/2 years to three.The German Division "It is known that the Greece has a high requirement of refinancing in the coming years," said. "It is one of the reasons why we have agreed in principle to extend deadlines for aid to the Greece." We cannot say for good now if that's enough. "The legislators of the coalition of Chancellor Angela Merkel on 7 April did not exclude a restructuring of the debt of the Greece, breaking with the official position in Germany and in the European Union.Under their agreement on 11 March, the leaders of the euro area has also decided to leave the installation of European financial stability, whose current role is to sell bonds to finance loans to rescue, buy bonds directly from the euro-zone nations which are in a program.Four days later, the Greek Finance Minister George Papaconstantinou said that this would "exceptionally important" reinforcement in 2012 while the Greece seeks to exploit markets for funding.-With the help of James g. Neuger and Jim Brunsden in Godollo, Hungary and Maria Petrakis in Athens. Editors: Jones Hayden, Paul Sillitoe
To contact the reporters on this story: Jonathan Stearns in Godollo, Hungary, jstearns2@bloomberg.net; Rainer Buergin in Godollo, Hungary, to rbuergin1@bloomberg.net.
To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net
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