May 25, 2011
The dispute between Europe's central bankers and politicians over how to deal with Greece's worsening financial problems intensified, as one of the European Central Bank's top officials rejected calls by Germany and other euro-zone states for a restructuring of Greek debt—calling it a "horror scenario."
The comments from Bank of France Governor Christian Noyer, a member of the ECB's governing council, mark the latest salvo in an increasingly heated debate that is fueling fears among investors that the region's debt crisis has entered a dangerous new phase.
The standoff—which has pitted Europe's central bank against Germany and several other euro-zone governments—cuts to the heart of a question at the center of the region's 18-month crisis: how much are the euro area's wealthier members willing to pay to keep the bloc intact.
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