Trichet: Greek restructuring 'not in the cards' - The Best from Greece

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Posted on: 06/May/2011

by (Reuters) 6 May 2011

Asked at the European Central Bank's monthly news conference about the chances Greece might have to seek more lenient terms from its debtholders, Trichet replied: "We consider it's not in the cards." He added: "We consider that what is important is to do the job to adjust and there is a (fiscal plan) and we call for the implementation of the plan."

Speaking after the bank kept interest rates at 1.25 percent, Trichet also said Portugal's bailout deal this week "contains the necessary elements to bring about a sustainable stabilisation of the Portuguese economy ... and will thereby contribute to restoring confidence.

"We are confident. Of course, it calls for the present government ... and future governments to do the job," he said.

Portugal agreed a three-year 78 billion euro bailout with the European Union and IMF on Tuesday, making it the third eurozone country in a year, after Ireland and Greece, to need financial help.

Trichet also emphasised the extent to which the ECB was helping Ireland to prop up its banks.

"The level of commitment of the euro system to Ireland has absolutely no precedent. So the facts are speaking by themselves, we are siding with Ireland in the difficult circumstances," he said.


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