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Greece Can Expect Debt Restructuring, But Not Nominal Debt Relief, Head of Euro Working Group Says

The Grexit matter is completely off discussions, according to Thomas Wieser, head of Euro Working Group.
Speaking to the Austrian newspaper WirtschaftsBlatt, Mr. Wieser said that no one wishes to bring up any more the prospect of a Grexit as it can cause nothing but instability.
In addition, Mr. Weiser said that a new financial package is in the works for Greece and expressed the view that talks for debt relief will soon get under way.
According to the head of Euro Working Group, the talks for debt relief will begin sometime in April and that an agreement will be reached in May. In the meantime, Greece must fulfill its obligations and proceed with new reforms, said Mr. Weiser.
Mr. Wieser could not specify the type of debt restructuring that will take place for Greece, but does not expect to see nominal debt service reduction.
What this means, then, if Mr. Weiser is correct, is that Greek debt restructuring will involve lowering the interest rate on loans already made and extending the repayment period.

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