ECB Governing Council member Christian Noyer cited earlier comments by other ECB officials when he rejected the idea of restructuring Greek debt stating that Restructuring is not a solution, it's a horror story, noting that the country's inability to repay debt will make the Greek debt ineligible as collateral at the ECB and No one would be able to finance the Greek state for coming years, which would increase the chances of witnessing the first default in the 17 nations using the common currency.

The alternative for Noyer is the austerity measures, stressing on privatization, adopted the government to trim the huge deficit.