According to a statement by Greek Central Bank Governor George Provopoulos to Kathimerini newspaper, Greece doesn’t need to restructure its debt to reduce its deficit. He feels that the social and economic cost of restructuring would be great. He also said that the recent preliminary agreement on extending the planned repayment of 110 billion euros of loans granted by the European Union and International Monetary Fund, would be a “defeat” for those who want debt restructuring. Greek Central Bank Governor claimed that Greece could return to international markets by the end of next year if it conforms to the measures demanded by the E.U. and the I.M.F.
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