In a step likely to be hailed as further proof of
The Greek finance minister,
Stournaras confirmed speculation that
Economic recovery is thought to be impossible without the burden being lowered to more sustainable levels, and options could include extending repayments from 30 years to as much as 50, according to insiders.
"In the context of presenting a new growth model for
The European commission recently said that
"What we need is to reduce our annual financial needs," said Stournaras, referring to the
With European governments now holding most of the debt, the prospect of a restructuring that would hit the finances of member states directly has been ruled out.
"Extension of maturities and reduction in interest rates are among the proposals," said Stournaras, refusing to be drawn on specifics. "But these are just scenarios . . . it will be a long discussion. "
Even if the country's debt burden is made more manageable, economic analysts argue that
Greeks exports have dropped precipitously in the last year and the nation's economic output has shrunk by more than a quarter since the start of the crisis.
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