Saturday, May 21, 2011

ECB officials warn on Greek debt restructuring



















Two senior ECB officials warned on Saturday against any kind of Greek debt restructuring, saying it would thwart the country's return to bond markets and undermine reform efforts.
"For the ECB, the line is one and clear: you (Greece) have to implement the commitments you have made," ECB governing council member Ewald Nowotny said in an interview in Greek newspaper To Vima.
In a separate interview in newspaper Kathimerini, ECB Executive Board member Juergen Stark also warned against restructuring.
"With any kind of restructuring, Greece risks failing to access markets for a long time, and even if it achieves it, to pay in the future a higher risk margin," Stark said.




REUTERS