This is a condition in which we can give no pretext he said

The participation of private aid to the Greece banks must be based on voluntary to avoid damage on the financial markets, said Wednesday Jürgen Stark, Member of the Executive Board of the European Central Bank (ECB).

The central banker did not say how this phenomenon could occur, or if it was in agreement with the proposals of his country, the Germany, who wishes that banks, pension funds and insurers with Greek debt Exchange it against new titles for a period at least equal to seven years.

"We are not against the participation of the banks, the private sector in the financing of the Greece, but it must be completely voluntary, otherwise, it will have adverse effects on financial markets, perhaps even in other countries", said Jürgen Stark on a radio station.

Tuesday, the Finance Ministers of the eurozone and the European Union have failed to resolve their differences on the involvement of the private sector in a second plan of decisive support for the Greece, ten days of a European Summit.

Suffering of these uncertainties, the premium required by investors to hold Greek debt rather than German bonds reached a record level since the launch of the euro.

Further meetings of the Eurogroup and the Ecofin Council will be held Monday next to Luxembourg to reach a final agreement on 23 and 24 June at the European Council.

MANAGEABLE RISKS

The German Minister of finance Wolfgang Schäuble reiterated Wednesday that the Greek debt crisis could be resolved without support of the private creditors.

"The private creditors must extend their schedule on Greek debt." "This is a condition in which we can give no pretext", he said.

In the morning, another leader of the ECB, the Governor of the Finnish Central Bank Commissioner Erkki Liikanen, found that any contribution by the private sector in the Greek rescue should be strictly voluntary to not be considered a case of default by rating agencies.

"It does not know who might be affected", his side put a warning the Austrian Minister of finance Maria Fekter, believing that it would be more reasonable to help the Greece, so careful and measured, to reduce its debt.

The European Commission is working on a solution replicating the "Vienna Initiative" which had seen in 2009 banks and other private creditors maintain voluntarily their exposure to the countries of Eastern Europe to help them through the turbulence.

The risks taken by the ECB in Greece are manageable and the problems of sovereign debt in the peripheral States of the euro area should not have any impact on the euro, said his side Jürgen Stark.

It was pointed out Friday that the ECB might dismiss the Greek debt as collateral in its liquidity operations, decision leaving Greek banks on the sand.

NO FINANCIAL RISK

A top adviser to the German Ministry of finance, Clemens Füst, offers around this Central Bank opposition by asking the Member States of the euro area to provide a guarantee for the ECB to continue to finance the Greek banks even after a restructuring of the debt.

S & P, after downgraded Greek debt to CCC Monday, announced Wednesday bring the note of the four major Greek banks from B to CCC, with a negative perspective.

States could "not suffer so no financial risk, since they are shareholders of the ECB", while "the independence of monetary policy would be ensured," wrote in a forum to the German daily Handelsblatt.

Clemens Füst, who is also Professor at the University of Oxford, judge inevitable that the creditors of the Greece suffer losses and does not believe that a forced Greek deadline extension can cause a contagion in financial markets, the latter is being prepared for a possible bankruptcy of the Greece.

For the former Chief Economist of the IMF Raghuram Rajan, the crisis had the merit of push of many private institutions to reduce their exposure to Greek debt.

"The level of exposure to Greek debt to European banks is much more limited there is, say, six months or a year, so a default or restructuring costs could be absorbed by the banking sector", says the Economist. He believes that the worst could be avoided if European leaders finally agreed to accompany the restructuring in an orderly fashion.