Greece 'won't need new bail-out loan'

Greek finance minister George Papaconstantinou said there would be no need for a new emergency bail-out loan when the current one expires in 2013.

But he has refused to rule out extending the repayment period.

Mr Papaconstantinou told the Real News newspaper that extending the repayment period of £97 billion in loans provided by the EU and the IMF “if it is ever decided, will be a proof of trust and a recompense for our current efforts”.

He added that it would be premature to say if an extension was necessary.

He said that “by 2013, Greece will be a country with better public finances and a stronger economy”.

“We will not need further (bail-outs) but to preserve what we will have accomplished by then,” he added.