A Greek debt restructuring among the country's official creditors is unavoidable, a European Union commissioner said Saturday.
"At the end of the day we will not be able to avoid a debt restructuring of the public creditors for Greece," Guenther Oettinger, the European commissioner for energy, told German daily Bild Zeitung on Saturday.
Greece's official lenders--the EU and the International Monetary Fund--have debated publicly over how to pare the country's growing debt pile. Greece has passed a new round of spending cuts, but its deeper-than-expected recession means that without relief the country will need European financing two more years than planned.
The German government has rejected the idea of a public debt restructuring.
Newspaper website: http://www.bild.de
-Write to the Frankfurt Bureau at firstname.lastname@example.org