Frankfurt, Germany - the European Central Bank has intensified its opposition to the proposals that the Greece has not pay his debts in time - deepen a split with senior European officials on ways to combat the eurozone debt crisis.
Juergen Stark, Member of the Executive Council six members to the high bank, indicated that the Central Bank would cut the Greek banks in support of emergency credit - in the case of a restructuring pay less than the full or subsequent creditors.
It is a fierce rebuttal of comments by other top EU officials, who said that they would not exclude a stretch out repayments of bond volunteer.
Cut the Greek banks would probably result in bank failures, analysts say, because many of them depend on the Central Bank for daily survival emergency relief. The ECB funding was essential to take Greek banks through the crisis; the Bank has authorized Greek bonds as collateral, despite downgrades of ratings which, under normal circumstances, would have excluded the.
RBS analysts say the ECB pumped euro87.9 billion (125 billion dollars) of credit in Greek banks at the end of March.
The Bank also bought Greek bonds in support of Athens on the bond market - and would take losses himself with other creditors in the case of a restructuring.
"Debt restructuring would be the continuation of the swathes of Central Bank liquidity provision, to the banking system of the impossible Greece" said Stark. "It is a very popular argument, that the only solution is to restructure the debt, but we should think this problem thanks to - what the implications for banks, that the impact on the real economy are very likely to be.".
Stark comments were made Wednesday during a visit to the Greece, but only confirmed by the ECB on Thursday.
The split the wire to consider debt restructuring comes as European leaders are struggling on the opportunity to give the Greece an another rescue plan to prevent disastrous failure that would shake up European Monetary Union the.
The Greece obtained a rescue ($157 billion) billion European in the other countries of the euro and the Monetary Fund International last year after his financial troubles is unable to borrow money at affordable rates on the bond market.
The Greece economy has continued to sink under the burden of spending cuts and tax aimed at making the country solvent again, and the initial goal to return to the bond markets next year has faded. Ireland and the Portugal also had been rescue and IMF packages to avoid default.
So far, the crisis is limited to three small countries, but the fear of longer duration is that their problems will spread to larger members such as the Spain euro which would be too big to bail out.
Jean-Claude Juncker, leader of the Group of Finance Ministers of the euro area, said Tuesday that it would "not exclude" a "report" of the Greece debt, whether still more steps such as the sale of the property of the Government but still need help beyond.
Several bank officials, including Lorenzo Bini Smaghi, Member of the ECB Executive Board, this week rejected any talk of restructuring.
French Finance Minister Christine Lagarde also said restructuring was "to"table."".
Stark was so hard it doubts as to the extent to which the ECB would actually one through. European officials have taken the unequivocal statements before - as against involving Monetary Fund International Rescue - but then was forced back by the crisis.
Analyst Jacques pebbles to RBS, said that the ECB has been increasingly isolated in the debates on the countries with too much debt.
"It is the last card in the hands of the ECB in the warning concerning the implications of restructuring," said pebbles. "The restructuring debate has now been so politicized that decision is now becoming a little remote from the Central Bank."
The ECB with other rift dates back European politicians at a March Summit had agreed on a package of economic reforms. The ECB said that they did not go far enough and have been urging the European Parliament to strengthen.
Pebbles said he had no legal impediment to ECB cutting off the coast of a country banks in the case of a restructuring, but added that its responsibility in support of financial stability would probably force it ultimately to accept a sort of guarantee. Greece Central Bank could also intervene as lender of last resort on its own, he said.
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Derek Gatopoulos contributed to this report from Athens.
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