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OECD chief: New Greek bailout terms may be needed

By REUTERS

JUNE 17, 2012 06:49

LOS CABOS - Greece should be given a chance to renegotiate the terms of its 130 billion-euro international bailout if it means keeping the country in the euro zone, the head of the Organization for Economic Cooperation and Development said on Saturday.

Angel Gurria, secretary general of the Paris-based OECD, said if the next Greek government opted to stay in the single currency bloc, it was likely to seek to renegotiate the terms of the European Union/International Monetary Fund rescue.

"It is a scenario I see (as) likely and if that is the condition presented for Greece to stay and then move on, I would say it is probably something that should be attempted," he said in an interview ahead of a Group of 20 summit in Mexico.

Greek voters go to the polls on Sunday in an election that could determine its future in the euro zone. The left-wing SYRIZA party says it wants to tear up the terms of the international package, which includes tough austerity measures that have plunged the Greek economy into recession and sparked social unrest.

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