Report: Eurozone Considers Partial Debt Write-Off

Thursday, 20 Jan 2011 01:25 AM

 

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Eurozone nations are considering a plan to enable Greece and Ireland to write off some of their debt burden using the European Financial Stability Facility (EFSF), a German newspaper reported on Thursday.

Without revealing its sources, the Financial Times Deutschland said the finance ministers of the euro area had discussed the idea at a regular meeting in Brussels on Monday.

According to the plan, the EFSF could buy bonds from the states or provide them with favorable loans that could be used to repurchase debt, so as to reduce their liabilities, it said.

Germany's finance ministry on Wednesday denied reports that Berlin was considering a plan that would allow Greece to buy back its own debt using the EFSF, a crisis fund set up to protect the euro currency last year.

© 2014 Thomson/Reuters. All rights reserved.

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