There is a very strong commitment to ensure that the euro area will not break up, the EU's top economics official said on Friday, saying that those who were speculating on a Greek exit were "behind the curve".
EU Economic and Monetary Affairs Commissioner Olli Rehn called the deal reached earlier this week to reduce Greece's debt burden a major milestone. He also highlighted that eurozone finance ministers are committed to further reducing Athens' debt if necessary once it has achieved a primary budget surplus, which is forecast for 2016. "This shows the eurozone is practising what it preaches when we say that we are ready to do whatever it takes to ensure the sustainability and irreversibility of the euro", said Rehn during a briefing with reporters in New York.
The eurozone is hoping Greece will be able to repurchase at least €40 billion of its own bonds in a buyback operation with private investors, two eurozone officials said on Friday.
Rehn did not comment on a question as to whether debt-burdened Spain will need a bailout, saying the framework for aid is there for once a request is made by any country.
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