PARIS/Athens (Reuters) - the Finance Minister Greek George Papaconstantinou suggested Monday that the EU and the IMF give Greece more time to repay its rescue and funds at a cheaper rate, for him to allow out of its severe debt crisis.
In an interview with French daily liberation published a coming day of an inspection visit by lenders, Papaconstantinou became the first Greek official to float the idea of a relaxation of the conditions on the rescue of $ 110 billion in addition.
The EU has lowered the interest rate and rescheduled refunds on March rescue plan to give some respite to Athens.
Reaffirming that the Greece excluded a restructuring of its debt, despite the more markets in addition to Paris that she will finally do so, said Papaconstantinou:
"It would be better that still lengthen us the repayment schedule of the 110 billion euros that our partners have lent us and that we have in addition more low interest rates." In this way, we could meet our other reimbursements. ?
A year after that area partners euro the Greece and the IMF saved from bankruptcy with a bailout plan of the pain-to-gain Athens required to reduce public spending and stimulate the collection of taxes, the Greece is faced with a deep recessionlow incomes and rising yields soared on its obligations.
"There are those who think (restructuring) is inevitable," Papaconstantinou said. "But there are also those who have bet lots of money on a Greek default." That explains the ridiculous rumours in recent weeks. There is no doubt of the restructuring. ?
NECESSARY BUT NOT SUFFICIENT?
An analyst said a rescheduling of repayments of rescue EU and the IMF would not be sufficient to avoid a restructuring.
"I would say that the lengthening of the EU loan and reduce the rate of loan could be a condition necessary to meet its budget targets, but not sufficient, the Greece", said analyst Kornelius Purps Unicredit.
Sign Greek bond dated short pink yields Monday, although the bid/offer spreads were in the region of 500 cents for two and five years Greek paper, reflects a lack of liquidity.
Papaconstantinou said the Greece was headed for a return to economic growth in the second half of 2011 and should see a full year of positive growth in 2012, but it was too early to see the end of the country's debt crisis.
"We are in the middle of the tunnel." Too far to see where we let go, that sometimes we forget that we had a narrow escape from default and too far from the output to see the light, which means "he says.
EU officials and the IMF start an inspection visit to Athens on Tuesday to assess whether the Greece has made enough progress on the rescue plan financial and objectives of the reform to receive a fifth tranche of 12 billion euros in aid.
Leaders of the zone euro have agreed at a Summit in March to extend the maturity of loans of rescue, to the Greece to 7.5 years doubling time of refund. They also agreed to lower the interest on their bilateral loan in Greece of 100 basis points.
(Reported by Catherine Bremer in Paris and Renee Maltezou Athens.) Written by Ingrid Melander. (Editing by John Stonestreet)
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