Bloomberg
May 24, 2011
European Central Bank Governing Council member Christian Noyer ruled out a restructuring of Greece’s debt, calling it a “horror story” that would leave the nation shut out of financing for years.
“There’s no solution possible” for Greece other than to follow its austerity program, Noyer told reporters in Paris today. “Restructuring is not a solution, it’s a horror story,” and if the country fails to meet the terms of its bailout, Greek government debt will be “ineligible as collateral” at the ECB.
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