Officials at the European Central Bank said allowing Greece to restructure debt would lead to catastrophic consequences. "Default or debt restructuring is a dramatic economic and social event for the country which experiences it -- I would call it political 'suicide' -- which leads many into poverty," said Lorenzo Bini Smaghi, a member of the ECB Executive Board. Juergen Stark, also a member of the board, said restructuring "wouldn't be a solution to the problems that Greece needs to overcome".

Full Story:

Related Summaries