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To: TH who wrote (274662)9/10/2010 11:22:53 AM
From: Giordano BrunoRespond to of 306849
 
"Owing to the role of advanced economies as lenders of last resort to their own financial system, as has been confirmed by this crisis, a debt problem at the level of the state would cripple the economy as a whole," he added.

Bini Smaghi was speaking amid renewed concern over banks and growth that has prompted spreads on the debt of some weaker euro zone countries to widen back out towards record levels -- and in Ireland's case surpass them.

reuters.com