ECB opposes any form of default for Greece

7th July 2011, Comments 0 comments

The European Central Bank remains adamantly opposed to any form of default for Greece, whether whole or partial, ECB president Jean-Claude Trichet said on Thursday.

Trichet stressed that the bank's position had not changed and it was opposed to a partial default or any form of credit event that would be taken as a debt default.

"No credit event, no selective default, no default. That is the present message of the governing council," Trichet said.

He spoke against a background of warnings from credit rating agencies that a mooted debt rollover for Greece with voluntary participation by private bank creditors might still trigger a selective default rating.

© 2011 AFP

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