Centeno: “We must start the discussion on Greek debt relief”

The European Union should discuss debt relief for Greece and potentially move ahead even without the International Monetary Fund, underlined Portugal’s Minister of Finance Mario Centeno in an interview published Tuesday by German newspaper Bild.

“We have to start this discussion” Centeno was quoted in the German newspaper. Euro zone finance ministers are due to discuss wide-ranging debt relief for Greece when they meet next month, however Germany’s Finance Minister Wolfgang Schäuble has opposed such measures, claiming they will weaken efforts to enact further reforms.

Centeno said the EU could proceed with debt relief for Greece, even the IMF does not participate. “The European currency union has very strong institutions in the meantime. We can deal with most problems on our own” he noted. Centeno also said that Europe’s Stability and Growth Pact should be reworked and replaced. The current debt rules have “a lot of room for improvement”.