Debt Consolidation Needed in
Greece
The European Union has offered to help Greece with their debt
consolidation to help them get back on track. They sad that with
the sovereign credit rating declining the way that it has, they
are going to need some extra help and they feel that they can do
that for them. They feel that a debt consolidation or at least a
restructuring of those debts would help them immensely.
The European Commission released a statement saying that they
"stand[s] ready to assist the Greek government in setting out
the comprehensive consolidation and reform program, in the
framework of the treaty provisions for euro-area member states."
They said that they were aware that the country was in a
“difficult situation” and that they felt it was their
responsibility to help them out of it.
They said that they will work with them to come up with a plan
for debt consolidation and in getting back on the right foot
again, although they have not come right out in saying if there
would be any financial assistance forthcoming for the country.
They are aware though that if one of their members is failing
then they are all in trouble – and it most likely means that
they are prepared to do whatever is necessary to get them back
up and running at a profit again.
They are also aware that a debt consolidation could help them
gain control of their debts again and not let them spiral
outward where they might hurt the rest of the commission.
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