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ECB's Chief Warns Situation Is 'Very Grave'
Keywords:
ECB president Draghi tells the European parliament on Jan. 16, 2012: "I cannot underline these points enough. Only a well-coordinated, coherent and properly timed strategy will yield the desired results." He made his comments as head of the European Systemic Board, which oversees systemic risks to the banking system in Europe. Speaking after a series of downgrades by S&P, Draghi said there should be "much less mechanical reliance" on ratings agencies. On Greece's debt burden and servicing costs he pointed out that the evaluation of Greek debt made in October 2011 "needs to be clarified whether its realistic," given the deteriorating economic situation in Greece. On Greece's talks with bondholder Draghi wants to see new servicing of debt conditions make it possible for Greece to bring down its current debt level of 190% of GDP to 120% by 2020.
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ECB's Chief Warns Situation Is 'Very Grave'
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Mario Draghi, head of the ECB, and the eurozone crisis with Italian bond yields approaching 8% in Dec. 2011
11/10/2011
Draghi addresses the issue of large scale purchases of bonds of Italy and Spain to ease pressure on bond yields, by leaving open the possibility of action if the EU countries take the necessary steps for a strict budgetary framework.
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The EU Summit, December 9, 2011
12/09/2011
The German position not to allow large scale bond buying by the ECB remained unchanged. The focus continued on getting debt brakes and fiscal discipline rules set for the eurozone members. The ECB's Mario Draghi opposes central banks of Europe sending money to the IMF which would be used to support EU countries with debt problems. The ECB lowered interest rates by 0.25% for the eurozone, bringing interest rates to 1%, and reversing earlier ECB policies under Trichet that increased rates. In addition the ECB will provide unlimited funding to European commercial banks for longer maturities of 3 years, instead of the current 1 year maturity.
Grouped Articles
Wall Street Journal 12/09/2011
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Washington Post 12/11/2011
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Wall Street Journal 12/14/2011
Leaders Grow Further Apart on Solutions
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The Euro Zone's Double Failure
Wall Street Journal 12/15/2011
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New York Times 12/16/2011
Italy's Mario Draghi, as the new president of the ECB
04/20/2011
Grouped Articles
ECB Moves Markets, Not Economy
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Bonds of Italy, Spain Narrow Gap With U.S., German Yields
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Italian Gains Support in Central Bank Race
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Wall Street Journal 04/27/2011
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New York Times 04/29/2011
Trichet to Leave a Difficult Legacy at Central Bank
New York Times 05/31/2011
Mario Draghi, the Bank of Italy and Italy's economic policies
08/07/2011
Grouped Articles
Italy Central Banker Is Open to 'Bad Bank'
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Italy's Bank Pick Rattles the ECB
Wall Street Journal 10/22/2011
Top Banker Is Quick to Make His Mark
Wall Street Journal 11/03/2011
Lucas Papademos as the new prime minister of Greece in Nov. 2011
11/10/2011
Papademos was vice president of the European Central Bank. He was a classmate of Mario Draghi at the Massachusetts Institute of Technology.
Grouped Articles
Economist Lucas Papademos Named Prime Minister of Greece
New York Times 11/10/2011
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Wall Street Journal 11/14/2011
Greeks Welcome Papademos as New Prime Minister, Polls Show
Wall Street Journal 11/14/2011
New York Times 11/15/2011
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