• 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