Greek debt won't be restructured: EU president

European Union President Herman Van Rompuy said today that negotiations on Greece's debt are well on track, and there is no question of restructuring it.

His statement comes amidst further mayhem in the markets and fears that the debt crisis will spread to Portugal, Spain and even Ireland and engulf the whole of Europe.

As Greece inched closer to the brink of financial collapse, markets fell again on Wednesday, as investors feared another credit crisis for countries like Portugal, Spain and Ireland.

"Negotiations are going on, they are well on track, and no question about restructuring of the debt," Van Rompuy told a news conference in Tokyo, where he is on a four-day visit.

Van Rompuy said eurozone heads of state and government will meet around 10 May for a summit on the Greek debt crisis.

"On the basis of a report to be finalised in the coming days, heads of state and governments will decide to activate the financing of the joint programme under negotiation now between the European Commission, the ECB (European Central Bank) and the IMF (International Monetary Fund) and of course the Greek government," he said.