Greece is deeply concerned about the European debt crisis and feels that all Euro zone countries need to unite to tackle this economic set back. Finances are not possible without a debt write-down and then competition measures on the output side so that growth also comes back and the debt sustainability is improved.
Greece has commenced a series of consultations with holders of Hellenic Republic bonds (through the IIF, other industry bodies, and directly). These consultations are being undertaken as part of the preparation for a transaction affecting those bonds consistent with paragraph 12 of the Euro Summit Statement of 26 October 2011. The October 26 Statement calls for an exchange of Hellenic Republic bonds in the hands of private sector creditors for new bonds of the Hellenic Republic in order to achieve a 50% nominal reduction in the outstanding stock of that debt. That transaction will be designed to place Greece on a path to achieve a debt-to-GDP ratio of no more than 120% by 2020.
In the future, it is planned to also shift the loan for Greece and other debt entangled states to the EFSF, whose sole purpose is preserving financial stability in Europe by providing financial assistance to euro zone states in difficulty. We feel especially responsible as our nation due to our uprising debt. We view with satisfaction the recent efforts of Member of European States to prevent the spread of this economic crisis. However, Greece expresses its deepest regret that, in spite of recent efforts to combat the debt crisis, some countries have refused to abide by the will of the international community. It is our deepest interest to insure the economic stability of Europe and the world.