Euro zone finance ministers are ready to “reshape” Greece’s debt while not restructuring it. Semantics apart, it means private investors may be persuaded to prolong pay-back time on bond maturities.
The decision was taken without input from the man most credited with managing euro zone bailouts, Dominique Strauss-Kahn, who is facing sex assault charges in New York.
Jean-Claude Juncker, Eurogroup President said: “To see the IMF Director General leave the police office in New York handcuffed has profoundly saddened me, I do not understand what has happened, so I am very sad, so very sad.”
Events across the Atlantic had obviously cast a cloud over the meeting. However, Greece and its struggles to meet targets linked to its multi billion euro EU/IMF rescue package remained a priority.
Brussels correspondent for euronews, Sergio Cantone said: “Some of the members of the Eurogroup are increasing their pressure on Greece. They want Athens to quicken the pace of privatisation, but Athens is afraid of sparking more social unrest.”