Deal to avert Greek default 'within days'

Page last updated at 08:00 GMT, Friday, January 27, 2012 - 13:00 EST

RTE.ie:

Olli Rehn optimistic for deal

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Eurozone finance officials have voiced optimism that a deal to avert a disorderly Greek default is imminent and that key building blocks to resolve Europe's sovereign debt crisis are gradually fitting into place.

Europe's top economic official said an agreement between the Greek government and its private creditors on voluntary losses for bondholders would be complete within days.

European Economic and Monetary Affairs Commissioner Olli Rehn told the World Economic Forum in Davos that they were very close to a deal.

German Finance Minister Wolfgang Schaeuble, speaking on the same panel as Mr Rehn, said crafting a new rescue package for Greece was not easy because of past slippage in its performance, but it would be done in the coming days.

However, he cautioned that Athens would have to meet commitments to economic and fiscal reform that it had not delivered over the past two years and warned against giving Greece the wrong incentives.

Read the whole story: RTE.ie