Wall Street Journal
October 12, 2011
The secretary general of the Organization for Economic Cooperation and Development on Wednesday pushed for the euro zone to include stress tests with sovereign-debt exposure in the comprehensive package promised by Germany and France to resolve the euro zone's debt crisis.
"It has to include an approach to the banking issue. That has three strings: one is the capitalization, a second is the funding ... and third is the so-called stress tests after all linkages to sovereign debt have been taken into consideration," Angel Gurría told journalists on the sidelines of a conference at the OECD in Paris.
French President Nicolas Sarkozy and German Chancellor Angela Merkel said Sunday they will deliver a comprehensive solution to the euro zone's debt crisis that will involve strengthening banks' capital and a solution for Greece. But the leaders of the euro zone's two largest economies didn't give details of their plans.
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