Bringing us full circle, this is how Greece leaves the Euro (Greek Restructuring a 'Horror'
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Bank of France Governor Noyer’s remarks put him in line with ECB Executive Council members Juergen Stark and Lorenzo Bini Smaghi as well as Bundesbank President Jens Weidmann. All of them have said the Frankfurt-based ECB may stop accepting Greek sovereign debt as collateral if euro-area governments proceed with a plan to extend Greece’s debt repayment schedule.
It works like this - Greece can't repay it's debt and is forced to restructure. The ECB stops accepting Greek sovereign debt as collateral, which causes a full-scale banking crisis in Greece. Faced with the collapse of its banking system, the 'penalty' for leaving the Euro drops precipitously. Greece imposes capital controls, repudiates its debt, and introduces a devalued currency.
The ECB comments look like a 'return-fire shot across the bow' at Greece for suggesting restructuring. The only thing is, the ECB is shooting a water pistol. What good is threatening financial ruin on a country who's only choice is between competing versions of financial ruin?