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The bank is undergoing a major restructuring in which it will shed 20,000 jobs.
A restructuring in which Cable and Wireless shed ancillary assets has left it with a $4.2 billion cash stockpile.
What is likely is a kind of soft restructuring, in which Greece will be given more time to pay its loans.
Its spinout is part of a broader restructuring in which Novo will also make its industrial enzyme business into a separate company.
Nor would it allow Greek banks to reduce their exposures.A second option could be some form of "soft" restructuring in which Greece extended the maturities of its debt while still promising to repay it in full.
After the 2008 financial crisis President Barack Obama and his "car tsar", Steven Rattner, oversaw a restructuring in which GM and Chrysler were pushed through a rapid bankruptcy and, between them, American carmakers closed 18 factories.
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He is leaving the publisher of the Daily Mirror, Sunday Mirror and People as part of a wider management restructure in which Lloyd Embley, editor-in-chief of the national titles, is promoted to group editor-in-chief.
The reunification of Germany brought the university a major restructuring period in which many staff and faculty members lost their posts.
That effort culminated in a restructuring plan in which Fiat would take a major role in the company's management and the United Automobile Workers and major lenders agreed to concessions.
In April, the firm succeeded in hammering out a restructuring agreement, in which it put up $800 million in additional equity in a deal that cut its $20 billion debt load by about $4 billion.
Analysts were also pleased with the progress of Chief Executive Tony Trahar's restructuring program, in which he has sought to battled rivals like Rio Tinto and BHP Billiton by divesting Anglo's gold, steel and paper manufacturing divisions.
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