German Deputy Finance Minister Joerg Asmussen said the euro region is prepared for any financial-market “turbulence” resulting from the bloc’s sovereign-debt crisis.
“We have the strengthened Stability and Growth Pact, we have the euro-plus pact for competitiveness, we have the design of the permanent crisis-resolution mechanism, the ESM,” Asmussen said in an interview on his way to China, where German officials will participate in Group of 20 talks tomorrow in Nanjing. “We will explain the results in detail to our partners. We are well-suited for turbulence that may arise in financial markets.”
It’s “completely up to” Portugal’s government to decide whether and what kind of assistance it may need, he said. The euro region stands ready, accompanied by International Monetary Fund instruments, “but of course fully under a complete adjustment program under strict conditionality,” he said.
Standard & Poor’s Ratings Service yesterday cut Portugal’s credit rating for the second time in four days, saying the country will probably need an international bailout and debt restructuring. Portuguese 10-year bonds fell, pushing the yield above 8 percent for the first time.
Source: www.bloomberg.com
“We have the strengthened Stability and Growth Pact, we have the euro-plus pact for competitiveness, we have the design of the permanent crisis-resolution mechanism, the ESM,” Asmussen said in an interview on his way to China, where German officials will participate in Group of 20 talks tomorrow in Nanjing. “We will explain the results in detail to our partners. We are well-suited for turbulence that may arise in financial markets.”
It’s “completely up to” Portugal’s government to decide whether and what kind of assistance it may need, he said. The euro region stands ready, accompanied by International Monetary Fund instruments, “but of course fully under a complete adjustment program under strict conditionality,” he said.
Standard & Poor’s Ratings Service yesterday cut Portugal’s credit rating for the second time in four days, saying the country will probably need an international bailout and debt restructuring. Portuguese 10-year bonds fell, pushing the yield above 8 percent for the first time.
Source: www.bloomberg.com
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