BUSINESS

Greek Debt Must Be 'Sustainable' Before Restructuring, EU Official Says

05/17/2011 08:00 am ET | Updated Jul 17, 2011

BRUSSELS (Reuters) - Greek debt could undergo a "soft" restructuring if Athens embarks on major reforms and accelerates privatization to raise funds, the chairman of euro zone finance ministers Jean-Claude Juncker said on Tuesday.

"Greece must rapidly privatize 50 billion euros of assets so that its medium and long-term public debt becomes sustainable, because at the moment it is unsustainable," he told a Lisbon Council seminar.

"If Greece makes all these efforts, then we must see if it is possible to make to a soft restructuring of Greek debt. I am strictly opposed to a major restructuring of Greek debt."

(Reporting by Jan Strupczewski and Daniel Flynn, editing by Rex Merrifield)

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