European Central Bank chief does not exclude Greek default

European Central Bank chief Jean Claude Trichet on Thursday (21 July) said that he could not prejudge if ratings agencies would declare a 'selective' default of Greek bonds, but noted that eurozone leaders have prepared for that event with €55bnn for bank recapitalisations and improving the creditworthiness of Greek government debt.

Admitting that eurozone leaders had disregarded his advice on avoiding a selective default for Greece or any other 'credit event', Trichet however stressed ...