Greece needs to reduce its debts if it is going to come through the economic crisis, European Commission President Jose Manuel Barroso said Thursday.
“If Greece is going to have success… it΄s better to reduce the debt than anything else,” he said at a discussion on Europe in Brussels.
Prime Minister George Papandreou, who is traveling to Brussels Thursday for a series of meetings, said on Wednesday that Greece is trying to find ways to lighten its debt load ahead of a European Union leaders’ summit later this month.
Barroso also reiterated that the European Commission is open to a change to the EU treaties, but that “it would be a mistake to see that as the solution now.”
“There are decisions we can take now. There are a lot of things we can do in the current crisis,” he said.
However, Barroso said that for the euro zone to go ahead with a fully fledged euro-zone bond, treaty change would be required. That is a widely held view among EU constitutional legal experts.
(source: Dow Jones)
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