Following a debt swap agreement between Greece and private investors, European Parliament President Martin Schulz made the following statement:
"I welcome the agreement between Greece and investors on a voluntary bond swap. The agreement is a major step towards bringing Greek debt to sustainable levels and towards restoring stability in the euro zone. A successful bond swap agreement is a pre-condition for final approval of the second 130 billion euro aid package for Greece agreed last month.
Greece now needs a growth initiative. It would reinforce efforts to cut debt while giving hope to the people who are losing their jobs and are being thrown into poverty."
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