Euro-zone finance ministers have discussed a range of options to address Greece’s financing problems, including a debt restructuring, Dutch Finance Minister Jan Kees de Jager said Monday.
“Well of course we discuss all kinds of topics, including restructuring, but in public we are very reluctant about discussing and debating restructuring,” de Jager said.
Greece needs to implement more deficit cuts if it wants to get more rescue financing from the euro zone, he said. Greece will likely need new round of rescue loans in 2012.
“Greece first itself has to perform much more actions: more reforms, more austerity packages, the privatization program should be definitely rolled out by Greece,” de Jager said.
“At the moment, it seems that Greece is not on the right track,” he added.
In comments to Dow Jones Newswires later, de Jager warned that Greece would have to work hard to convince the International Monetary Fund and its European partners to deliver further support.
“If Greece doesn’t deliver on its promises and the IMF decides not to extend the second tranche of its loans, the Netherlands will follow the IMF,” he said.
(source: Dow Jones)
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