Fears over Greece debt rise

Germany acknowledged for the first time yesterday that Greece may need to restructure its debt but said such a step could only be pursued before 2013 if it were done on a voluntary basis. In an interview with Die Welt newspaper, German finance minister Wolfgang Schaeuble said “additional steps” would have to be taken to deal with Greece’s huge debt burden if an analysis from the European Central Bank and European Commission in June showed it is unsustainable. His comments were the first by a senior Eurozone official acknowledging that some form of restructuring of Greek debt may be needed.