Wall Street Journal
April 18, 2011
Greece's central bank chief said Monday that a restructuring of the country's giant public debt would have "disastrous consequences," and called on the government to step up the pace of its reform program.
"[A debt restructuring] is neither necessary nor desirable," Bank of Greece governor George Provopoulos said.
"It would have disastrous consequences for the access of the government and of Greek enterprises to international financial markets, as well as very negative effects on the assets of pension funds, banks and individuals holding Greek government securities."
His remarks, made at the bank's annual general meeting, come as investor concerns over such a restructuring continued to hit European financial markets Monday, weighing on the euro and government debt markets.
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