ECB’s Bini Smaghi: Greece cannot default
There are no alternatives to dealing with the crisis in the Eurozone but to proceed with tough austerity measures Lorenzo Bini Smaghi, a member of the ECB's executive board, on Friday warned.
Speaking in Rabat, Morocco on Friday, Bini Smaghi said Grecce must commit to the tough austerity conditions outlined in the IMF's support package as an orderly default to solving Greece's fiscal woes was simply not an option.
"It's not easy. But it will be done, because it can be done and it has to be done
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