ECB Officials Rebuff Concerns That Greek Crisis May Spread

[cory777]

Source: Bloomberg

By Christian Vits

April 24 (Bloomberg) -- European Central Bank officials rebuffed concerns the Greek budget crisis may spill over to other euro region countries such as Spain or Portugal.

“All countries in Europe without any exception have a lot of work to do,” ECB President Jean-Claude Trichet said after meeting with Group of 20 finance chiefs in Washington yesterday. At the same time, “of course Spain is not Greece,” he added.

Greek Prime Minister George Papandreou yesterday called for activation of a financial lifeline of as much as 45 billion euros ($60 billion) after the county failed to convince investors it can finance its debt. Market borrowing costs for Spain and Portugal have also risen as they struggle to cut budget deficits.

Portugal’s budget deficit reached 9.4 percent of gross domestic product last year and Spain had a shortfall of 11.2 percent, almost four times the European Union limit of 3 percent.


Read more: http://www.businessweek.com/news/2010-04-24/ecb-officials-rebuff-concerns-that-greek-crisis-may-spread.html

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Sure, everything will be just fine!

sarcasm intended

[Demeter]

1. In 50 years, No One Will Give It a Second Thought

Just like the Great Depression, the Original Series....