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ECB seeks debt action
By Nick Vinocur |
December 21, 2010, Tuesday
|
Print Edition
Print Edition
EUROPEAN Central Bank head Jean-Claude Trichet said yesterday eurozone countries must do more individually and collectively to combat the bloc's debt crisis, and Ireland must stick "rigorously" to its bailout plan.
In a position paper published on its website, the ECB earlier expressed "serious concerns" that Ireland's rescue package could affect the institution's liquidity operations in the euro zone.
Asked if he was concerned about the health of Irish banks, Trichet said: "The Irish (bailout) plan is designed for Ireland to face up its own particular problems, which have mostly to do with its banking system."
"We consider it necessary (for Ireland) to complete this plan rigorously," he told France's Europe 1 radio without commenting on the ECB paper, which was dated last Friday.
Irish sovereign debt was downgraded by five notches by Moody's last Friday in a move likely to put extra pressure on the country's banks.
European nations agreed last week to set up a permanent financial safety net from 2013 and the ECB moved to increase its firepower to fight the debt crisis in the single currency area.
In a position paper published on its website, the ECB earlier expressed "serious concerns" that Ireland's rescue package could affect the institution's liquidity operations in the euro zone.
Asked if he was concerned about the health of Irish banks, Trichet said: "The Irish (bailout) plan is designed for Ireland to face up its own particular problems, which have mostly to do with its banking system."
"We consider it necessary (for Ireland) to complete this plan rigorously," he told France's Europe 1 radio without commenting on the ECB paper, which was dated last Friday.
Irish sovereign debt was downgraded by five notches by Moody's last Friday in a move likely to put extra pressure on the country's banks.
European nations agreed last week to set up a permanent financial safety net from 2013 and the ECB moved to increase its firepower to fight the debt crisis in the single currency area.
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