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EU officials admit that Greece will need more debt restructuring

“Greece is hugely off track,” one of the officials told Reuters, speaking on condition of anonymity because of the sensitivity of the issue.

“The debt-sustainability analysis will be pretty terrible.”

Another official pointed to the latest growth estimates from Athens, which show the economy contracting by 7 percent this year rather than the 5 percent previously forecast, meaning that the debt burden is only increasing in relation to GDP.

“Nothing has been done in Greece for the past three or four months,” said the official, referring to the delays caused by the two elections held since May.

Via Reuters.

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