UK Business Chief Admits Greece Will Have To Reschedule Its Debt

Vince Cable

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Vince Cable, the UK business secretary, has told The Guardian he is certain Greece will have to reschedule its debts.Cable also hit out against the use of austerity measure in Greece – despite his own government’s austerity policies.

“You can’t just deal with this by cutting, cutting, cutting – it’s wrong, and it does not work,” he told the paper.

The British government has not expressed a formal opinion on Greece’s predicament yet. Cable is a member of the junior coalition member in the UK, the Liberal Democrats.

In the interview, Cable describes a default as “the hard option”, before describing a rescheduling as “the least worst option.”

He also claims German resistance against rescheduling was a result of German bank’s exposure to Greek debt, and says he doesn’t think Greece leaving the eurozone is an option.

Read the whole interview at The Guardian >

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