This question is not taboo, as the Greek debt has already been restructured for private banks. As for the public creditors, they have already agreed to significant adjustments regarding the extension of repayment periods and rate cuts, with the result that the Greek debt burden is now significantly lower than that of Italy or Spain as a percentage of national income.
Should more be done? The answer will depend on the final terms of the agreement between the creditors and the Greek authorities. This is the yardstick against which we will reassess the sustainability of the debt. The money that is at stake belongs to taxpayers in euro area countries, so it is for their governments, not the ECB, to make decisions in this regard.