BUSINESS
05/02/2011 11:45 am ET Updated Jul 02, 2011

Top EU Official: Greece Debt Restructuring 'Is Not Part Of Our Strategy'

BRUSSELS (AP) -- The EU's top economic affairs official says a restructuring of Greece's massive debt is not on the table.

Monetary and Economic Affairs Commissioner Olli Rehn said Monday that a debt restructuring for the struggling country "is not part of our strategy and will not be."

Rehn said proponents of restructuring -- cutting the total amount of money Greece owes or giving it more time to repay -- appear to be unaware of the risks to overall financial stability such a move would entail.

European officials have warned that a restructuring of Greece's debt could lead to panic on financial markets similar to the turbulence following the collapse of Lehman Brothers in 2008 and drag down banks and other struggling eurozone countries.