Default 'not an issue' for Greece
By Pan Pylas |
April 9, 2010, Friday
|
Print Edition
Print Edition
EUROPEAN Central Bank President Jean-Claude Trichet yesterday downplayed the risk that Greece could default on its debt, insisting a support framework outlined by EU leaders last month was "workable."
At a press conference following the bank's decision to leave the main interest rate at a record low of 1 percent for the 11th month running, Trichet said the support plan was a "very, very serious commitment" by the eurozone governments.
Trichet sought to dampen market concern that Greece might default on its debt. "I would say that, taking all the information I have, default is not an issue."
Earlier, in London, the Bank of England extended a yearlong record low in interest rates and left its multibillion-pound asset purchasing program on hold in its last monthly decision before a national election.
On the broader economy, Trichet said recovery continued in the early months of 2010 but that the bounceback would be "uneven" and come at a "moderate pace."
At a press conference following the bank's decision to leave the main interest rate at a record low of 1 percent for the 11th month running, Trichet said the support plan was a "very, very serious commitment" by the eurozone governments.
Trichet sought to dampen market concern that Greece might default on its debt. "I would say that, taking all the information I have, default is not an issue."
Earlier, in London, the Bank of England extended a yearlong record low in interest rates and left its multibillion-pound asset purchasing program on hold in its last monthly decision before a national election.
On the broader economy, Trichet said recovery continued in the early months of 2010 but that the bounceback would be "uneven" and come at a "moderate pace."
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