Greece Unable to Restructure ECB Loan

© REUTERS / Wolfgang RattayEuropean Central Bank
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Greece cannot restructure its loan with the European Central Bank because it will contradict the Eurozone’s treaties, ECB governing council member Christian Noyer said Monday.

Protestors wave the Greek flag as they shout Oxi (No) during the Melbourne stands with Greece solidarity rally outside Parliament House in Melbourne on July 4, 2015 - Sputnik International
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"The debt of Greece to the ECB is, by nature, impossible to restructure because that would be monetary financing," Noyer said at a news conference in Paris.

The referendum was preceded by several rounds of talks between Athens and its major international creditors on Greece's massive debt, which had failed to yield results.

Greece's overall debt to the European Central Bank, the IMF and some eurozone nations stands at about $270 billion

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