ECB’s Noyer: Greek debt restructuring would equate to default, Greece would gain nothing

Greek default or exit from euro would be “horror scenario”
Extending Greek debt maturities would pose complicated legal questions, could be read as default
A restructuring would cut Greece off from markets, ECB financing: “No one would want to finance Greece”
Restructuring would make Greek debt unacceptable as collateral for central banks
If Greece goes off track with EU/IMF programme its debt would no longer be acceptable as collateral for ECB
Greece has no alternative to implementing EU/IMF programme “completely and entirely,” must use privatisation to cut debt