EU and IMF ready for Greece restructure - report

BERLIN Fri May 13, 2011 7:11pm BST

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BERLIN (Reuters) - The European Union and International Monetary Fund are ready to agree to a restructuring of Greek debt, die Welt reported, without citing its sources.

The IMF, European Commission and German government are calling for a lengthening of terms on Greek state bonds, die Welt reported in an advance copy of a report titled "EU, IMF ready for Greek debt restructuring -- ECB and France against."

The German daily used the German word "Restrukturierung," meaning restructuring, rather than rescheduling.

"When you look at the latest data, it is clear that the situation has changed," die Welt said.

The EU called on Friday for Greece to take additional steps to consolidate public finances this year because it is missing its deficit reduction targets.

However, many economists expect some form of extra financing for Greece will be necessary to avoid a debt restructuring.

The German finance ministry declined to comment on the report.

(Reporting by Sam Cage, Editing by Ron Askew/Ruth Pitchford)

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