Thursday, May 23, 2013

EU may give Greece more time to meet fiscal targets: Dijsselbloem

The euro zone may give Greece more time to meet fiscal targets agreed under its international bailout, the chairman of the euro zone finance ministers said in an interview published on Thursday.

"The Commission's approach regarding fiscal consolidation is more flexible, giving certain countries more time to meet their targets. I believe that this will be the case for Greece if needed," Jeroen Dijsselbloem told Kathimerini newspaper.

Greece's European partners agreed last year to extend the maturities and reduce the interest on the nation's bailout funds to help cut its debt mountain to a more sustainable level of 124 percent of GDP in 2020, from an estimated 173 percent this year.