Jordan's King calls Crown Prince; welcomes Saudi stance on rights of Palestinians    Takamol Holding to showcase advanced technology solutions and services at LEAP 2025    MoH summons person for spreading misinformation that ginger causes strokes    GEA hosts mass wedding of 300 couples at "Night of a Lifetime" celebration during Riyadh Season 300 cars and housing as gifts for the newlyweds    Makkah deputy emir inaugurates 179 educational projects in Makkah and Jeddah    7 Saudi hospitals advance in Brand Finance's 2025 rankings    Food Culture Festival kicks off in Riyadh's Diplomatic Quarter    Saudi Arabia to present 'The Um Slaim School: An Architecture of Connection' at Biennale Architettura 2025 Syn Architects explore Riyadh's architectural heritage, fostering new pedagogical approaches and global dialogue    Al Hilal reclaims top spot in AFC Champions League Elite with 4-1 win over Persepolis    USAID employees around the world will be placed on leave Friday and ordered to return to US    Billionaire philanthropist Aga Khan dies    At least ten people killed in Swedish school shooting, authorities say    Trump says US will 'take over' Gaza Strip and doesn't rule out using American troops    Royal Decree Enhances Integrity and Recovers Public Funds    SRMG Think hosts high-level discussion on IMF's latest GCC economic report in Riyadh    Trump: US aims to catch up Saudi Arabia's sovereign wealth fund    PetroRent signing ceremony marks innovative collaboration between Petromin and Transregions to transform car rental and leasing services    Cristiano Ronaldo scores twice as Al Nassr thrashes Al Wasl 4-0 in AFC Champions League Elite    Al Ahli extends unbeaten run with 3-1 comeback win over Al Sadd in AFC Champions League Elite    Grammy Awards 2025: Beyoncé wins best country album    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



ECB's Weber urges swift Greek aid to prevent contagion
Published in Saudi Press Agency on 29 - 04 - 2010

ECB Governing Council member Axel Weber said on Thursday there was no acceptable alternative to rescuing Greece and urged quick approval of an aid package to prevent market upheaval and contagion to other states, according to Reuters.
A leading German parliamentarian expressed confidence that the Bundestag could move quickly to approve aid despite deep reservations in Germany about helping Greece, as momentum towards a long-delayed rescue appeared to build.
The euro currency, which fell to a one-year low of $1.3114 on Wednesday, steadied in Asian trading, pushing back above $1.32, but yield spreads between benchmark German bonds and those of fiscally-strapped euro-zone countries like Spain remained under pressure.
Weber, who is president of the German Bundesbank, warned in German daily Bild that a Greek debt default would have "incalculable" consequences for financial markets and other states.
He also dismissed calls by some in Germany for Greece to be expelled from the 16-nation currency union, saying there was no legal basis for such a move and that it could spark huge economic and financial upheaval.
"In the current situation, the impact (of a Greek default) on financial markets and other states would be incalculable," Weber said. "Financial aid tied to tough conditions is for all parties concerned the best solution."
Greece is in discussions with the European Union and International Monetary Fund (IMF) on a multi-year rescue package that some officials have said could total up to 135 billion euros ($179.8 billion).
The world's leading financial policymakers, including IMF Managing Director Dominique Strauss-Kahn and European Central Bank President Jean-Claude Trichet, gathered in Berlin on Wednesday and stressed the need for quick action to help the euro zone's financial weakling.
MERKEL BACKS RESCUE
After resisting a Europe-wide push for a quick rescue in past weeks, German Chancellor Angela Merkel has also thrown her weight behind a deal that EU members hope will prevent a debt crisis spreading to other euro zone members like Spain and Portugal.
Volker Wissing, finance policy spokesman for Merkel's coalition partners the Free Democrats (FDP), told ARD public television that Germany's lower house of parliament was capable of approving an aid deal quickly.
"A careful discussion and speedy discussion are not mutually exclusive," Wissing said.
Spain's Foreign Minister Miguel Angel Moratinos also stressed the need for quick action to help Greece.
Ratings agency Standard & Poor's cut Spain's credit rating on Wednesday, a day after downgrading Portugal and slashing Greece to junk status. The move hit the euro and European shares, underscoring the risks of contagion in the 11-year old currency zone.
"There isn't an alternative to dragging Athens out of this situation, because it's clear it could be dangerous for everyone," Moratinos told Italy's La Stampa newspaper.
"It's true that if you lose the market's confidence, it's difficult to recover it," he said.
Weber dismissed a discussion, launched by some German politicians, about forcing banks to accept a discount on their holdings of Greek bonds as part of any rescue package as "counter-productive".
He said Greece could "turn the corner" if it moved to implement reforms of its economy in a decisive and credible way.
But the ongoing risks to an aid package were highlighted by a German professor who has vowed to challenge the rescue in the country's top court.
"We expect that the Constitutional Court will not reject our suit, because our initiative has unbelievably big support," Joachim Starbatty, an economist and professor at Tuebingen University, told Czech newspaper Mlada Fronta Dnes.


Clic here to read the story from its source.