ATHENS, Nov 13 (Reuters) - Greece must focus on meeting targets to slash its budget deficit, ECB policymaker Lorenzo Bini Smaghi said in an interview, warning that any renegotiation of the terms of EU/IMF loans would harm its credibility.
The debt-choked country is set to miss a target to cut its deficit to 7.8 percent of gross domestic product this year due to weak revenue growth and the upward revision of last year's deficit, a Greek government official told Reuters this week.
'Greece has to achieve its objectives in order to regain credibility. We must now focus on 2011,' Executive Board member Bini Smaghi said in an interview to be published on Sunday by Greek newspaper Kathimerini.
'Any discussion about changing targets will lead to a loss of credibility. All gains will be instantly lost, while the trust of all those who supported you will be shaken,' he said.
(Additional reporting by Sakari Suoninen in Frankfurt) (ingrid.melander@reuters.com; +30 210 337 6438; Reuters Messaging: ingrid.melander.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The debt-choked country is set to miss a target to cut its deficit to 7.8 percent of gross domestic product this year due to weak revenue growth and the upward revision of last year's deficit, a Greek government official told Reuters this week.
'Greece has to achieve its objectives in order to regain credibility. We must now focus on 2011,' Executive Board member Bini Smaghi said in an interview to be published on Sunday by Greek newspaper Kathimerini.
'Any discussion about changing targets will lead to a loss of credibility. All gains will be instantly lost, while the trust of all those who supported you will be shaken,' he said.
(Additional reporting by Sakari Suoninen in Frankfurt) (ingrid.melander@reuters.com; +30 210 337 6438; Reuters Messaging: ingrid.melander.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.