Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: prometheus1976 who wrote (72192)	1/24/2010 12:10:23 PM
From: Haim R. Branisteanu	of 74559

ECB's Stark: Greece Needs To Make Comprehensive Reforms-Report FRANKFURT (Dow Jones)--Greece must make comprehensive reforms to get its budget under control, European Central Bank Chief Economist Juergen Stark told German Sunday paper Welt am Sonntag. "Countries like Greece do not only bring their budget deficits under control, they also need to make a fundamental reorientation of their economic policy," Stark told the paper. Stark said the other European Union countries won't come to the rescue of Greece. "No country of the currency union is responsible for the deficits of another member country," Stark said. Greece's finances have been under close scrutiny by the European Union, financial markets and credit-ratings agencies since it revealed late last year that its budget deficit would hit 12.7% of gross domestic product, compared with the EU's 3%-of-GDP limit. Stark said higher interest for government bonds won't stop the ECB from raising interest rates. "It is not our job to facilitate governments' refinancing efforts. Rather, it is our job to secure stable prices for Europe's people." Newspaper Web site: welt.de

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