June 14, 2011
Bank of France Governor Christian Noyer Tuesday said European governments need to find a solution to Greece's debt crisis that avoids even a partial default.
"We think anything that would lead to declaration of a default for Greece or other regions should absolutely be avoided. That is why it must be only and purely voluntary," Mr. Noyer said, repeating the stance of European Central Bank President Jean-Claude Trichet expressed last week.
Mr. Trichet said last week at the ECB's monthly news conference that it would be an enormous mistake to pursue a solution that could lead to a credit event. German Finance Minister Wolfgang Schäuble had written a letter earlier in the week supporting a rescheduling of Greek debt through a bond swap.
"Our position is very simple. If a solution regarding the debt can be found that avoids the risk of default it seems suitable to me. If it can't be found and there is a default, [...] governments must be ready to entirely finance the Greek economy," Mr. Noyer said in a press conference following the publication of the Bank of France's annual report.
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