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Noyer: private sector bailout role risks contagion
PARIS, June 14 | Tue Jun 14, 2011 3:18am EDT
PARIS, June 14 (Reuters) - European Central Bank Governing Council Member Christian Noyer said on Tuesday that doubts about private sector involvement in euro zone bailout packages were raising market rates and increasing the risk of contagion.
Noyer, also France's central bank governor, told a news conference it was a "dangerous illusion" to think that reducing or rescheduling debt would ease budget adjustments.
European Union leaders are working on a second bailout for Greece, with private bondholders being pushed towards extending their exposure to Greek government debt for several years.
PARIS, June 14 | Tue Jun 14, 2011 3:18am EDT
PARIS, June 14 (Reuters) - European Central Bank Governing Council Member Christian Noyer said on Tuesday that doubts about private sector involvement in euro zone bailout packages were raising market rates and increasing the risk of contagion.
Noyer, also France's central bank governor, told a news conference it was a "dangerous illusion" to think that reducing or rescheduling debt would ease budget adjustments.
European Union leaders are working on a second bailout for Greece, with private bondholders being pushed towards extending their exposure to Greek government debt for several years.