Benoit Coeure, an executive board member of the European Central Bank, told Bloomberg on Thursday that a restructuring of the Greek debt held by ECB would be illegal.

Mr. Coere was referring to the Greek bonds acquired by the Central Bank from 2010 onwards. It should be noted that some of these bonds worth 7 billion euros must be paid in July and August.

The executive board member also noted that the Greek national election to be held on January 25 isn’t a reason to delay a decision on Quantitative Easing, and that any debate about a possible Grexit is “meaningless.”