FRANKFURT (MNI) – The Eurozone member states widely thought of as
being in the same kind of fiscal trouble as Greece are not really in the
same boat, European Central Bank Governing Council member Guy Quaden
said in an interview released Friday.
The head of the Belgian National Bank told L’Echo that “some
outside of Europe are not hesitant to say or imply that their final
objective is the breakup of the Eurozone. They will be left holding the
bag.”
He continued: “Portugal, Spain, Ireland or Italy are not in the
same situation as Greece. And Belgium less yet.”
Quaden played down the very recent widening of Belgian market
interest rate spreads against German ones.
“The spread of interest rates with Germany is tending to grow in
the Eurozone,” he said. “But one must not focus on the movements of a
single day. Belgium exhibits interest rates greater than France and the
Netherlands, which themselves have rates more elevated than Germany. But
on the other hand, the Belgian interest rates are well below the
Italian, Spanish and Portuguese rates, and of course the Greek rates.”
According to L’Echo, Quaden reminded that Europe has always managed
to make it through crises, such as that of the European Monetary System
in 1992-1993.
–Frankfurt bureau tel.: +49-69-720142. Email: dbarwick@marketnews.com
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