Financial Times
January 6, 2011
Greece on Thursday threw its weight behind the campaign for a common eurozone bond as prime minister George Papandreou claimed there was growing support for a tool that would “help Europe achieve its objectives”.
Mr Papandreou, speaking at a conference in Paris organised by the French industry ministry, said eurozone bonds could be a vital tool to help to reduce the growing tensions in sovereign debt markets.
“Markets will only calm down if they are convinced that the union is capable of returning to a path of both sustainability and growth,” he said. “We should use all the possible tools in the toolbox to make our effort successful.”
Concerns are intensifying that Portugal could be forced to call for a European bail-out after it was this week forced to pay an unusually high premium in a €500m ($650m) issue of six-month Treasury bills.
Instruments such as an eurozone bond were not to be seen as charity, Mr Papandreou said, but ways of creating “stabilisation in a world of uncertainty”.
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