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Greece again rules out debt restructuring

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Greece again rules out debt restructuring

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Greece again ruled out restructuring its sovereign debt after experts from the EU and International Monetary Fund met with government officials to review its economic reforms on Wednesday.

The talks were held to discuss Athens’ new three-year austerity budget to be voted on by lawmakers later this month. A spokesman for the country’s Socialist government said “under no condition” would the debt be restructured.

Greece received a 110-billion-euro bailout from the EU and the IMF after soaring borrowing costs left it frozen out of financial markets. Ministers want to lower the public deficit to 2.6 percent of GDP by 2014 from 9.6 percent last year.

Reforms include privatisation of some state assets and cuts to pay and pensions.