According to the Greek Prime Minister George Papandreou, Greece should not restructure its loans as of now. It should only seek an extension in the deadline to the international loans.

“The debt has to be addressed”, Polemarchakis said in an interview at an event late yesterday at the London School of Economics. “I think that the rescheduling -- or re-profiling as it is called sometimes -- of the 100 billion Euros given by the International Monetary Fund and the European Union, that’s something that could easily be done.”

The Greek bond gain and the country’s debt is continuously increasing and the defaults rose to record high value in the last week. There were speculations that the country’s loan will be restructures and the extension in the payment deadlines. Polemarchakis said that extending the deadline will help the debt management properly.

He said that they government need to talk and find out the easiest way to solve this problem. Greece’s refinancing will need another 58 billion euro and this will be covered by EU and IMF.

He also said that funding is required by the Greek banks are covered in next two to three years according to the memorandum.