Rehn: Debt restructuring not part of EU strategy

“The proponents of debt restructuring seem to ignore the potentially devastating implications for the financial stability of a country and for the eurozone as a whole,” Economic and Monetary Affairs Commissioner Olli Rehn underlined on Monday.
Speaking to reporters here, Rehn repeated that a debt restructuring was not part of the EU’s strategy and it will not be.

The EU Commissioner said economic reforms programmes in Greece and Ireland are at their early stages, with both countries implementing very ambitious plans of fiscal consolidation, structural reforms and changes in their financial systems.

“Our analysis shows that a debt/GDP ratio was stabilising and is beginning to decline on the precondition that these programs will be fully implemented,” Rehn told reporters, while he expressed his opposition to claims alleging of a failure in the strategy followed in managing a debt crisis in Greece.
Our strategy aims at preventing a new heart attack in markets as it happened after the collapse of Lehman Bros. in September 2008, the Commissioner said, adding that European authorities have managed to limit anxiety over public debt in Greece, Ireland and Portugal.

Rehn said that Spain has decoupled from these three countries helped by an aggressive policy implemented by the government.

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