Bini Smaghi: Greece not our responsibility if it defaults


The fate of Greece rests with it and not the European Central Bank (ECB), Lorenzo Bini Smaghi, a member of its executive board, has said.

An impasse between the ECB and eurozone finance ministers has emerged in recent weeks over fresh talk of a restructuring of Greek debt. Eurozone finance ministers have mooted a so-called reprofiling, whereby maturities are extended. They have also claimed that creditors would voluntarily agree to such an extension.

However, in an interview with Central Banking