ECB Trichet, speaking on Greek TV, says the global economy is in a substantial slowdown and that more must be done to rebuild the world financial system to make it less fragile and more resilient. Sound fiscal policy is important for long-term growth and job creation, he says. Most importantly, he :totally excludes the assumption” that a member could leave the eurozone.
The nagging fear that a country like Greece or Ireland could bolt the eurozone has been a minor drag on the euro. It is a far-off fear, but one tht won’t completely go away. EUR/USD changes hands at 1.2980.
