[Reuters] Disorderly default would be devasting for Greece-EU's Rehn
BRUSSELS, Feb 13 (Reuters) - Greece must avoid a
disorderly debt default or face "devastating consquences", the
EU's top economic official said on Monday, signalling that euro
zone finance ministers are ready to agree a second rescue
package for Athens this week.
"A disorderly default in Greece would be a much worse
outcome with devasting consequences for Greek society," EU
Economic and Monetary Affairs Commissioner Olli Rehn told a news
conference, warning of the knock-on effects for the rest of
Europe if Greece was not granted more emergency funding.
Rehn said he expected the government of Prime Minister Lucas
Papademos to come up with a further 325 million euros in budget
savings to satisfy euro zone finance ministers, scheduled to
meet on Wednesday. He also expects Greece's political leaders to
back the deal.
"I am quite confident that the other conditions ... will be
completed by the next meeting of the Eurogroup, which would then
decide on the adoption of the programme," he said.
(Reporting By Robin Emmott)
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Keywords: GREECE/REHN