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Eurogroup ministers consider Greek debt buyback

3 December 2012

Eurozone finance ministers met in Brussels with many offering their reactions to news that Greece would buy back some of its bonds to cut its debt load. France’s Pierre Moscovici said: “This debt buyback is very important in the context of last week’s deal, I am very hopeful that it will be a success.” Austria’s minister though played down suggestions from Berlin of a write-off for official bailout loans. Maria Fekter said: “I say ‘no’ to a write-off now, because the Greeks still have to make an effort and live up to their obligations. They cannot hope that there will be a debt cut and afterwards they won’t have to do anything anymore.” Whatever the ministers have agreed about the Greek debt buyback scheme, the operation should be finalised by December 13, the date of the next European summit and the date when the latest 34-billion euro slice of financial aid should be released.