“No credit event, no selective default, no default.”
- Jean-Claude Trichet, president of the European Central Bank, 7 July 2011.
“The European Central Bank will continue to accept Greek debt as collateral for loans unless all big three credit ratings agencies it uses declare it to be in default, said a senior finance official..
“The ECB would rely on the principle of using the best rating available from the agencies – Standard & Poor’s, Moody’s and Fitch – the official said. The comments came after S&P on Monday became the first agency to warn that a plan, pushed by France and endorsed by Germany, for banks to roll over their holdings of Greek debt into new bonds would constitute a “selective default”.”
- Financial Times, 5 July 2011.
“I have to say that I and others have noticed that the ratings agencies are in this European issue much stricter and much more aggressive than they have been in similar cases in, for instance, South America.”
- ECB Governing Council Member Ewald Nowotny, 4 July 2011.
In a brand new column launching this week for the News of the World, the paper’s freshly appointed ‘agony aunt’, the European Central Bank, answers your questions.
Dear European Central Bank,
A few hours out of Southampton and my brand new passenger liner with over 2,000 aboard is holed below the waterline, listing alarmingly and taking on water. We can’t get everyone into the boats, and we didn’t have enough boats to begin with. My engine room is flooded and she’s sinking by the head. Do you have any advice ?
- Captain Edward J. Smith, RMS Titanic.
To read more,
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Posted by: Forex Signals | July 21, 2011 at 10:20 AM