ECB’s Visco Says Europe Must Counter Contagion Risk Threat |
| BusinessWeek - Feb 18, 2012 |
European Central Bank council member Ignazio Visco said it’s important to counter the “threat of dangerous contagion” by resolving the Greek crisis.
“The difficulty in resolving the Greek crisis, evident in recent days, is transmitting turbulence to the entire European market,” Visco, who is also head of Italy’s central bank, said today in a speech in Parma, Italy. “The action of the ECB, the incisive budget measures taken in the countries suffering from the worst financial turmoil, and the reaching of an agreement for stronger cooperation under the fiscal compact have succeeded more recently in easing the strains in the government securities markets and in banks’ balance sheets.”
Euro-area governments closed in on a deal to unlock a 130 billion-euro ($171 billion) aid package for Greece, seeking to avert the region’s first sovereign default, with Germany signaling that finance ministers may be ready to back the country’s second bailout. Greece’s struggle to give assurances on debt-reduction goals through the end of the decade has heightened uncertainty as the clock ticks toward a March 20 bond redemption when it must pay 14.5 billion euros.
Read Full Article from BusinessWeek
- Posted: 2012-02-18 21:58:35
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