BRUSSELS (MNI) – The situation in Spain and Portugal has nothing to
do with the situation in Greece, the President of the European Council,
Herman Van Rompuy, said on Wednesday.
After Greece was given an aid package from the Eurozone and the
International Monetary Fund worth E110 billion over three years, markets
speculated that other high-debt countries such as Portugal and Spain
could need similar assistance.
“Let me say very clearly that the situation of these countries has
nothing to do with the situation in Greece, which is unique because of
the combination of three factors that can not be found elsewhere, namely
insufficient credibility of statistics, a serious problem of
competitiveness and a high level of public debt,” Van Rompuy said in an
emailed statement.
“I see now totally irrational movements in the markets triggered by
unfounded rumours, yesterday for example on Spain but also Portugal,” he
added.
He added that the lessons of the Greek crisis were that “we have to
make radical reforms, and we will.”
–Brussels: 0032 487 (0) 32 803 665, echarlton@marketnews.com
[TOPICS: MT$$$$,M$$FX$,M$$EC$,M$X$$$,M$$CR$,MGX$$$]
