Describing the possibility of a restructuring of Greek debt as a “horror story” European Central Bank Governing Council member Christian Noyer said the only solution available to Greece was through the adoption of an austerity program highlighted by massive spending cuts.
Ã¢â‚¬Å“ThereÃ¢â‚¬â„¢s no solution possibleÃ¢â‚¬Â for Greece other than its austerity program, Noyer, Bank of France governor, told reporters in Paris today. Ã¢â‚¬Å“Restructuring is not a solution, itÃ¢â‚¬â„¢s a horror story.Ã¢â‚¬Â If the country fails to meet the terms of its bailout, Greek government debt will be Ã¢â‚¬Å“ineligible as collateralÃ¢â‚¬Â at the ECB, he said.
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