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Brussels, 9 March 2012

Statement by Commission Vice-President Olli Rehn on private sector participation in the second Greek programme

I am very satisfied by the large positive turnout of the voluntary debt exchange in Greece. This demonstrates the strong support for the agreements reached in February on a second programme for Greece.

That contribution by the private sector is an indispensable element to ensure future sustainability of the Greek public debt and, thus, a decisive contribution to financial stability in the euro area as a whole.

In doing so, investors recognise that Europe has committed an important amount of funds to this voluntary debt exchange and to the Greek program to move forward. Indeed Greece's international partners have made an unprecedented effort of solidarity to support Greece in its efforts to restore sustainability of its public finances, reform the economy and public administration, and thereby to return to growth and jobs.

I now expect the Greek authorities to maintain their strong commitment to the economic adjustment programme and to rigorously and timely implement the policy package. This second programme is the corner stone of our efforts to boost sustainable growth and jobs in Greece; it is a unique opportunity not to miss. Furthermore, the success of this programme is a cornerstone of our comprehensive response to the current crisis.

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