BREAKING NEWS

OECD: EU deal will only slightly reduce Greek debt

By REUTERS

AUGUST 2, 2011 12:19

ATHENS - The European Union's rescue deal for Greece will only slightly reduce the country's debt and it will take a generation to cut it down to more sustainable levels, the OECD said on Tuesday.

"Initial analysis suggests that the (EU) package would decrease the debt burden only slightly," the OECD said in a report on Greece, commenting on the rescue deal agreed by the EU last month, based on new and cheaper loans and bond swaps.

"The additional official financial support agreed and the maturity extensions, both public and private, provide the time needed for Greece to continue to implement fundamental fiscal and structural reforms, and for those reforms to bear fruit," the report said.

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