European Central Bank President Jean-Claude Trichet failed to categorically rule out a restructuring of Greek debt down the road.
Asked whether he was concerned Greece might not be able to tap the markets again next year and could face a risk of restructuring, Trichet said: “For me, we have a plan and until the plan is changed we apply the plan.”
“It is clear that countries that had in the first years of the euro area a behavior which was unsound, have to engage in a correction,” Trichet said.
“Whatever is the overall environment, they have to correct what was done in the past that was wrong. This is true for all that had abnormal behavior which was the case for the country that you mentioned,” Trichet added. (source: imarketnews)
I have been still wondering why Greece was accepted in the Euro Zone and what was the’ exchange rate’ for this.
