French Finance Minister Christine Lagarde said a Greek debt restructuring was excluded "in any form" as it would mean higher interest rates for all euro zone members and losses for the ECB on its Greek debt portfolio.
Lagarde told Le Figaro newspaper that it was hard to envisage Greece being able to return to international bond markets in 2012 after it had missed some of its budgetary targets but that no decision had been taken on the form or amount of any supplementary aid for Greece.
"No decision has been taken and the Greek government must mobilise its own resources as quickly as possible, notably by quickly putting into practice its privatisation programme," she said in the interview due to be published on Wednesday.
"We have the tools to face any situation with the EFSF and the ESM," she said, referring to Europe's financial bailout funds. She said Greece's situation would be discussed at an EU finance ministers meeting on Monday.
reuters
