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ECB member: no euro zone default risk

ECB member: no euro zone default risk

06/03/09 20:02 CET

Eurozone

economy

The following article has been retrieved from the archive and no longer contains the original video.

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