ECB member: no euro zone default risk

A member of the European Central Bank’s Executive Board has given a reassurance over any euro zone country defaulting on its sovereign debt.

Lorenzo Bini Smaghi said he saw no chance of that. He also called the idea of a euro zone break-up “nonsense.”

Bini Smaghi, speaking in a television interview, said eastern European countries are in difficulty because they were not part of the euro zone.

He believes the European Union should come up with case-by-case aid for those countries.

Copyright © 2009 euronews

tags: ECB, Eurozone