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11 May 2011

FT: Too early for new Greece talks, says Commissioner Olli Rehn


On the basis of the report of the review missions, the IMF, the ECB and the EC will in a few weeks’ time have a chance to make a well-informed decision concerning the next steps for the programme with Greece, Mr Rehn said.

In the meantime, he urged critics to withhold judgment of that bail-out – as well as similar ones for Ireland and Portugal – noting that Greece’s three-year programme still has two years to run.

“It was always known that these programmes would not be any kind of Sunday walk in the park,” the commissioner said. "They are very difficult and demanding.”

Mr Rehn said the interest rate for the European portion of Portugal’s €78bn ($112bn) bail-out would be above 5.5 per cent but “clearly below” 6 per cent, putting it roughly in line with rates charged to Ireland.

Mr Rehn said the plan differed from those crafted for Greece and Ireland, and was tailored to the country’s unique circumstances. “In Portugal, it is [well] known that the problem has been especially slow and sluggish growth, and therefore this programme is geared to boost growth through structural reforms in the product and labour markets.”

Full article (FT subscription needed)



© Financial Times

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