Monday, May. 21, 2012 |
Greece needs 40 pct of debt forgiven-German wiseman
Page last updated at 05:02 GMT, Thursday, May 26, 2011 - 10:02 EST
Reuters:
Other 60 pct needs to be swapped for euro bonds
Greece needs creditors to take a haircut of 40 percent and swap the remainder of its debt for some form of jointly-issued euro zone bonds as part of an overall package encompassing other struggling states, a German government advisor said.
"One needs a comprehensive concept that decides just how much debt states like Greece, Ireland, Portugal, Spain and Italy can sustainably bear," said Peter Bofinger, an economist who sits on a five-person advisory panel known as the "wisemen".
"That requires an enormous effort, but it is necessary," he added, speaking to journalists in Hamburg on Wednesday evening.
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Merkel 'suggests Greek referendum on euro membership'
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