Greek Debt Restructuring Would Do 'Massive Harm' To Eurozone, Jurgen Stark Says -- The Telegraph
Restructuring Greece's debt would have "massive harmful effects" on the embattled country and would not solve its financial crisis, one of Europe's most senior banking officials has warned.
In comments designed to boost confidence in financial markets, Jurgen Stark, executive board member at the European Central Bank, said speculation that Greece is insolvent was a "false assumption".
"I would warn against underestimating the massive harmful effects a debt restructuring would cause for the country involved and for the eurozone as a whole," Mr Stark said, according to Reuters reports.
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My Comment: This crisis is worrying the financial elites in Europe .... and for good reason. Countries like Greece are completely broke .... and worse .... there is no will among the Greek government to correct this. This has the potential to be the big story this summer.