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ECB's Trichet: Greek restructuring 'not in the cards'
HELSINKI | Thu May 5, 2011 9:30am EDT
HELSINKI May 5 (Reuters) - ECB President Jean-Claude Trichet again ruled out on Thursday any idea of Greece restructuring its debts and said Portugal's bailout should reassure markets.
Asked at the European Central Bank's monthly news conference about the chances Greece might have to seek more lenient terms from its debtholders, Trichet replied: "We consider it's not in the cards." He added: "We consider that what is important is to do the job to adjust and there is a (fiscal plan) and we call for the implementation of the plan."
Speaking after the bank kept interest rates at 1.25 percent EUECBR=ECI, Trichet also said Portugal's bailout deal this week "contains the necessary elements to bring about a sustainable stabilisation of the Portuguese economy ... and will thereby contribute to restoring confidence.
"We are confident. Of course, it calls for the present government ... and future governments to do the job," he said.
Portugal agreed a three-year 78 billion euro ($116 billion) bailout with the European Union and IMF on Tuesday, making it the third euro zone country in a year, after Ireland and Greece, to need financial help.
Trichet also emphasised the extent to which the ECB was helping Ireland to prop up its banks.
"The level of commitment of the euro system to Ireland has absolutely no precedent. So the facts are speaking by themselves, we are siding with Ireland in the difficult circumstances," he said.
HELSINKI | Thu May 5, 2011 9:30am EDT
HELSINKI May 5 (Reuters) - ECB President Jean-Claude Trichet again ruled out on Thursday any idea of Greece restructuring its debts and said Portugal's bailout should reassure markets.
Asked at the European Central Bank's monthly news conference about the chances Greece might have to seek more lenient terms from its debtholders, Trichet replied: "We consider it's not in the cards." He added: "We consider that what is important is to do the job to adjust and there is a (fiscal plan) and we call for the implementation of the plan."
Speaking after the bank kept interest rates at 1.25 percent EUECBR=ECI, Trichet also said Portugal's bailout deal this week "contains the necessary elements to bring about a sustainable stabilisation of the Portuguese economy ... and will thereby contribute to restoring confidence.
"We are confident. Of course, it calls for the present government ... and future governments to do the job," he said.
Portugal agreed a three-year 78 billion euro ($116 billion) bailout with the European Union and IMF on Tuesday, making it the third euro zone country in a year, after Ireland and Greece, to need financial help.
Trichet also emphasised the extent to which the ECB was helping Ireland to prop up its banks.
"The level of commitment of the euro system to Ireland has absolutely no precedent. So the facts are speaking by themselves, we are siding with Ireland in the difficult circumstances," he said.
