ECB's Noyer: fears of debt crisis spread unfounded

PARIS | Wed Nov 24, 2010 1:25pm EST

PARIS Nov 24 (Reuters) - European Central Bank policymaker Christian Noyer said on Wednesday that there was no basis to the idea that after the debt crises in Greece and Ireland other countries could face problems on financial markets. The governor of the Bank of France said that Spain had dealt with the problem of its troubled savings banks while Portugal did not suffer from the same problems that have triggered crises in Greece and Ireland.

"So the idea that, by definition we had one (crisis), we had another one, there will of course be another, a fourth, a fifth, a sixth, that is not founded on anything," said Noyer, who is on the rate-setting Governing Council of the ECB.

He was addressing a French parliamentary committee hearing on financial market speculation. (Reporting by Leigh Thomas; Editing by Vicky Buffery)

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Comments (1)
Gdisgust99 wrote:
Hahahaha…didnt the ECB say this after Greece got bailed out? Oh, and didnt the ECB chief say it was time for all central banks to raise interest rates just three months ago in a piece in the FT?

Seems to me the ECB is flying by the seat of their pants.

Nov 24, 2010 2:42pm EST  --  Report as abuse
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