TNBiz (TNBiz)
Finance  |  August 02, 2011 12:30:10

OECD: Greece rescue package for the country's debt shrink only slightly


ATHENS (MEDIAFAX) - A second rescue package for Greece would only lead to a slight decrease in debt of the country, estimates of the Organization for Economic Cooperation and Development (OECD). It will take a generation or more to get debt to sustainable levels, reported Reuters on Tuesday.

"The first analysis indicates that the package will reduce the debt burden only slightly," said the OECD in its report on Greece. The organization stressed that additional financial assistance, longer maturity bonds and loans to provide time to Greece in order to continue to implement the necessary fiscal and structural reforms.

According to an OECD estimate in the worst scenario, which envisages that Aténám not until 2015 to get the announced 50 billion euros (roughly $ 1.2 trillion CZK) from privatization, the debt ratio will decline from about 140 percent of gross domestic product (GDP) per hundred percent of GDP in 2035.

Optimistic scenario envisages that Greece will meet its privatization target with only a slight delay. In this case, the country's debt by 2035 had declined to 60 percent of GDP.

Simone Radacicova, radacicova@mediafax.cz

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