Greece mustn't default, ECB's Bini Smaghi tells FT (Reuters)
LONDON (Reuters) – The intent that a Hellenic debt restructuring could be carried discover in an tender way is a "fairytale," European Central Bank commission member Lorenzo Bini Smaghi told the Financial Times in an interview published on Monday.
He also ruled discover the intent of a debt 're-profiling', or intentional spreading of maturities, and said a Hellenic choice would bring downbound the country's banking system.
"If you countenance at financial markets, every instance there is mention of a articulate same 'restructuring' or 'soft restructuring' they go crazy -- which proves that this could not hap in an tender way, in this surround at least," he said. Instead, Ellas could turn its debt by selling assets and changing its tax and disbursal systems.
(Reporting by Mark Trevelyan, redaction by Myra MacDonald)
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