ECB opposes any form of default for Greece

The European Central Bank remains adamantly opposed to any form of default for Greece, whether whole or partial, ECB president Jean-Claude Trichet said on Thursday. Trichet stressed that the bank's position had not changed and it was opposed to a partial default or any form of credit event that would be taken as a debt default. "No credit event, no selective default, no default. That is the present message of the governing council," Trichet said. He spoke against a background of warnings from credit rating agencies that a mooted debt rollover for Greece with voluntary participation by private bank creditors might still trigger a selective default rating.