Share

Greek debt forecast at 161% of GDP

Frankfurt - The European Central Bank (ECB) forecast on Thursday that Greece's public debt would peak at 161% of gross domestic product (GDP) in 2012.

Athens' debt would then decline to 127% of GDP by 2020, the ECB said in its monthly bulletin for July.

"Achieving this downward trajectory crucially hinges on the government’s willingness and ability to persevere with fiscal consolidation and implement the structural reform and privatisation programmes in full," the bank said.

A study of the sustainability of Greece's debt, currently at around €350bn, concluded that "debt dynamics largely depend on factors that are under the control of the Greek government".

Athens is in talks with the European Union and the International Monetary Fund (IMF) on a second financial rescue package worth approximately the same as one established last year, or €110bn.

Greek Prime Minister George Papandreou warned on Thursday in a German press interview that if financial aid from the EU and IMF did not come quickly, economic reforms in the debt-laden country would fail.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.97
-0.2%
Rand - Pound
24.06
+0.2%
Rand - Euro
20.57
+0.1%
Rand - Aus dollar
12.36
+0.5%
Rand - Yen
0.13
+0.7%
Platinum
900.98
-0.2%
Palladium
1,000.76
-0.5%
Gold
2,154.33
-0.3%
Silver
24.93
-0.5%
Brent-ruolie
86.89
+1.8%
Top 40
65,711
-0.8%
All Share
71,937
-0.7%
Resource 10
52,899
-0.8%
Industrial 25
99,362
-1.1%
Financial 15
16,590
-0.2%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders