ECB president tries to calm down worries about Greek debt crisis

08:25, April 09, 2010      

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The European Central Bank (ECB) President Jean-Claude Trichet on Thursday said default is not a big issue for Greece in a bid to calm down the markets after ECB decided to remain its key interest rate at a record low level of 1 percent.

"Default is not a great issue for Greece," said Trichet at a press conference to explain the rates decision.

Trichet said the support package outlined in Brussels by EU leaders last month was a "workable framework," which means a "very, very serious commitment" by the eurozone heads of government.

Trichet downplayed his earlier opposition to the involvement of the International Monetary Fund during the press brief.

"We never doubt the IMF has very good expertise," he said, adding"position of the ECB has always been to say that we wanted the governments in the euro-zone to take up their responsibilities. "

"I will only repeat that what is important is the measures that are taken and implemented by the Greek government and the Greek parliament," Trichet said.

Trichet also signaled the ECB is in no hurry to tighten policy as the Greek crisis delays the central bank's exit strategy, saying the ECB's benchmark rate is "appropriate."

After the press conference, ECB uploaded some details of its new collateral framework on its website, which is widely asked for by the markets to make clear of how much Greece's sovereign debt will be worth and could thus help ease a crisis that might otherwise spread to other weak eurozone members such as Portugal and Spain.

Source: Xinhua


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