EU's Oettinger: Official Greek Debt Restructuring Unavoidable - Bild

A Greek debt restructuring among the country's official creditors is unavoidable, a European Union commissioner said Saturday.

"At the end of the day we will not be able to avoid a debt restructuring of the public creditors for Greece," Guenther Oettinger, the European commissioner for energy, told German daily Bild Zeitung on Saturday.

Greece's official lenders--the EU and the International Monetary Fund--have debated publicly over how to pare the country's growing debt pile. Greece has passed a new round of spending cuts, but its deeper-than-expected recession means that without relief the country will need European financing two more years than planned.

The German government has rejected the idea of a public debt restructuring.

Newspaper website: http://www.bild.de

-Write to the Frankfurt Bureau at djnews.frankfurt@dowjones.com

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Source: http://www.automatedtrader.net/real-time-dow-jones/118752/eu039s-oettinger-official-greek-debt-restructuring-unavoidable-_-bild

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