Officials in Greece reject debt restructuring

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Greece is trying to avoid debt restructuring and is pushing with budget cuts and privatizations to work its way out of the country?s debt crisis, Prime Minister George Papandreou said.

The PM is expected to present a fiscal plan by next week to the European Union and the International Monetary Fund to continue bankrolling his debt laden country. ?Debt restructuring is not under discussion,? Papandreou told to a leading newspaper.

The country is currently struggling with weak revenues and deep recession after a year into its EU/IMF 110 billion euro bailout. This situation is fueling speculation that it will have to restructure its debt to pull itself out if the fiscal crisis that has triggered a euro zone crisis.

Asked by Ethnos if he would consider a debt “re-profiling” rather than a restructuring, Papandreou said: “We are looking after our job… We do not join the public discussion about such scenarios.”

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