- ECB will act against inflation risks promptly
- Euro a success story
- Disorderly insolvency would be a disaster
- Extending debt maturities not a solution for Greece
- Price stability is main goal
The headline is the first categorical statement from an ECB member that rolled-over Greek debt would not be acceptable as collateral at the ECB. Sounds like the ECB is trying to discourage private bondholders from rolling over the debts as hard as they can.
Reaction? A higher EUR…don’t ask me why…
