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Euro zone is preparing a credible debt relief scheme for Greece

04 June 18 | Mario Centeno
Mario Centeno

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Antulio Richetta

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Euro zone lenders will put together a debt relief deal for Greece that will be credible to markets and involve a rescheduling of loans from the second Greek bailout, said Mario Centeno, chairman of the euro zone finance ministers group, according to Reuters news agency.

 

Centeno spoke to Reuters after talks on Saturday morning between top euro zone policymakers and the International Monetary Fund on the sidelines of a meeting of G7 financial leaders in the Canadian mountain resort of Whistler, British Columbia.

The aim was to secure last-minute backing from the IMF for the euro zone debt relief offer for Greece so that it is credible with markets and draws investors back to Greece after it exits its bailout on Aug. 20, Reuters said.

There was no deal on Saturday, but the euro zone and the IMF agreed to continue talks next week to have an agreement ready for June 21, when euro zone finance ministers, called the Eurogroup, want to seal the details of the debt offer, it added.

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