Draghi said that the euro countries’ pledge on Feb. 11 to take action to ensure financial stability if necessary was “important,” according to the text of a speech he delivered today in Naples to foreign-currency traders in Italy. He urged Greece to make “determined” budget cuts and said Europe’s central bank will monitor the country’s progress.
“If the Greek government adjusts its budget with determination, with careful monitoring by the European Commission and the ECB, the markets will subscribe new securities as old issues fall due,” Draghi said. “It is nevertheless important that the euro-area countries have expressed their intention, should it prove necessary, to take decisive and coordinated action to ensure financial stability.”European Central Bank council member Mario Draghi said the euro remained “sound” after the European Union pledged to support Greece in a bid to ease investor concern that the country may default.
Draghi said that the euro countries’ pledge on Feb. 11 to take action to ensure financial stability if necessary was “important,” according to the text of a speech he delivered today in Naples to foreign-currency traders in Italy. He urged Greece to make “determined” budget cuts and said Europe’s central bank will monitor the country’s progress.
“If the Greek government adjusts its budget with determination, with careful monitoring by the European Commission and the ECB, the markets will subscribe new securities as old issues fall due,” Draghi said. “It is nevertheless important that the euro-area countries have expressed their intention, should it prove necessary, to take decisive and coordinated action to ensure financial stability.”
For more: ‘Euro Is Sound’ as EU Backs Greece, ECB’s Draghi Says - BusinessWeek
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