Member access

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 

Bundesbank's Weidmann : Greek Debt Writedown Question Open

11/16/2012 | 07:17am US/Eastern
Recommend:
0

By Harriet Torry

BERLIN--The head of Germany's Bundesbank said Friday the question of a writedown of Greek debt is "open," but said that such a move would raise difficult questions over the willingness toward reform programs in other euro-zone countries.

Jens Weidmann, who is also a governing council member of the European Central Bank, didn't specify whether any potential debt writedown would involve private creditors or the public sector.

"Debt sustainability is not a given," in Greece, Mr. Weidmann said at an economic forum in Berlin. He added that a writedown wouldn't solve Greece's problems without reform.

Mr. Weidmann also said the ECB is acting outside of its monetary policy mandate with the Outright Monetary Transactions program, through which the ECB can purchase unlimited amounts of government bonds from states that have agreed to terms for financial assistance from the European Stability Mechanism.

"I think that we are no longer in the core area of monetary policy [with OMT]," Mr. Weidmann said in a podium discussion.

Write to Harriet Torry at harriet.torry@dowjones.com

Recommend :
0
React to this article
Latest news
Date Title
3m ago PETROLEO BRASILEIRO PETROBRAS : Brazil´s president also responsible for refinery deal: ex CEO
14m ago UNITED CONTINENTAL : Suits end, queries remain on plane-into-home crash
20m ago COCA COLA : Supreme Court - Argument Schedule
20m ago RENEWABLE ENERGY : Energy Department (DOE); Office of Energy Efficiency and Renewable Energy (F.R. Page 12302) - Meeting
20m ago The Bipartisan Policy Center (BPC) - Discussion
45m ago KENYA AIRWAYS : GE banks on Ethiopian and KQ in African market plan
45m ago Barclays sued over loss of Sh6.3 million
45m ago EQUITY BANK : Inherited debt weighs down Nairobi
50m ago SAUDI ELECTRICITY : widens Q1 losses by 39%
50m ago KINGDOM : posts 15% profit growth for Q1
Latest news
Advertisement
Hot News 
HAVELOCK EUROPA : Preliminary Results to 31 December 2013
LDK SOLAR : Provides Additional Information on its Request for Review of NYSE Regulation's Decision to Suspend Trading and Commence Delisting Procedures
HAYNES PUBLISHING : Third Quarter Hit By Us Inventory Returns, Weak UK
SPACEANDPEOPLE : Shares Slide As It Lowers 2014 Forecast
BLUR : Shares In Blur Group Plummet Due To Delayed Revenue Recognition
Most Read News
11h ago MAZDA : New mazda3 rolled out
1d ago GRAHAM : Pentagon Mulls Deployment As Poland Asks For 10,000 Troops
1d ago TEXTURA : Uncommon Uses Greengrade to Help Achieve LEED Platinum for Project VIDA
1d ago BAYERISCHE MOTOREN WERKE : Marion County Deputies Arrest Speed Racing Driver
2h ago GM to battle VW in China with $12 billion investment and new plants
Most recommended articles
3d ago U.S. shares seen opening lower as tech giants stumble
3d ago Financials bolster FTSE after reassuring U.S. earnings
3d ago BLACKSTONE : earnings rise 30 percent, boosted by private equity gains
3m ago PETROLEO BRASILEIRO PETROBRAS : Brazil´s president also responsible for refinery deal: ex CEO
1h ago Lexus aloof from China production while Nissan, Honda step in
Dynamic quotes  
ON
| OFF