ECB: No Restructuring of Greek Debt

Finance | October 6, 2012, Saturday // 11:54|  views


Any restructuring of Greek debt on which the European Central Bank holds bonds is legally impossible, according to ECB executive board member Jorg Asmussen.

"We can neither extend the emissions of Greek debt bonts nor lower interest rates. Either would constitute an anullment of debt," said Asmussen.

The ECB executive clarified that the EU bank has no legal right to do such a thing in an interview for Bild am Sonntag.

The Greek cabinet still expects the report from an audit mission of the creditors' troika on which the next installment of the bailout is conditional.

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Tags: greece, Greek, debt, bonds, Jorg Asmussen, ECB, European Central Bank, EU, bailout


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