• Confident vote in Greece an important step but Athens must push thorugh austerity package
• Wants voluntary, substantial, quantifiable contribution from private sector to Greek aid deal
• Not possible to demand private sector contribution if ECB is not in agreement on method
• Can only warn against disorderley default
• No one knows who holds CDS, who would have to pay what under Greek credit event
• Default would unleash contagion that she does not want to be responsible for
• Greek haircut could force countries under EFSF that currently have no problems