Arab Today, arab today ecb chief vows total support for euro markets surge
Last Updated : GMT 00:04:17
Arab Today, arab today
Arab Today, arab today

ECB chief vows total support for euro, markets surge

Arab Today, arab today

Arab Today, arab today ECB chief vows total support for euro, markets surge

London - AFP

European Central Bank chief Mario Draghi vowed unconditional support for the beleaguered euro Thursday, sending markets soaring as traders eyed further action from the bank to shore up the eurozone. In apparently unscripted comments in London, the normally reserved Draghi said his institution was \"ready to do whatever it takes to preserve the euro. And believe me it will be enough\". Stressing that the euro was \"irreversible\", Draghi said that part of his bank\'s remit was to keep sovereign debt levels under control when they hampered the proper functioning of interest rate policy. Analysts saw Draghi\'s comment as a hint the ECB could soon reintroduce its hotly contested programme of buying up the bonds of struggling eurozone countries that has lain dormant for several months. As Spanish borrowing costs soared over seven percent earlier this week -- the level that forced Ireland, Portugal and Greece into bailouts -- the bank has come under increasing pressure to restart the programme. And Draghi\'s hints had an immediate impact on borrowing costs, with Spain\'s shooting below the seven-percent mark and Italian costs plummeting to just above six percent. The comments also sent stock markets into euphoric mood and boosted the euro on the foreign exchange markets after several days of painful declines amid fresh speculation the eurozone might implode or Spain might need a bailout. ABN Amro economist Nick Kounis said that Draghi had \"opened the door for a restart of the central bank\'s government bond purchase programme\", untapped since February. \"The crisis response looks likely to focus on direct intervention in the government bond market,\" he added. And CMC Markets analyst Michael Hewson told AFP that Draghi\'s remarks \"suggest that the ECB may well do something about capping rising bond yields\". Attention would now turn to Draghi\'s monthly news conference in Frankfurt on August 2 \"to see if he means what he says\", the analyst added. Since the eurozone sovereign debt crisis erupted more than two and a half years ago, the ECB has won praise as the only European institution that has acted quickly and decisively to stem the turmoil. It has cut interest rates to a record low level of 0.75 percent and flooded banks with more than one trillion euros ($1.23 trillion) of ultra-cheap loans in a bid to stimulate lending and get the economy moving again. ECB officials have never ceased to repeat that such measures are only temporary and merely meant to buy time for governments to tackle the root causes of the crisis -- profligate spending. Draghi insisted again in his London speech that the ECB did not want to \"supplement actions that have to be taken by governments\". \"That is not our job,\" he insisted. But the central bank chief did praise efforts taken by EU leaders to fight the flames saying that \"progress has been extraordinary in the last six months\". Meanwhile, European Commission President Jose Manuel Barroso, on his first visit to Athens since the crisis began, urged Greece to deliver on its obligations if it wishes to remain in the eurozone. \"To maintain the trust of its European and international partners, the delays must end. Words are not enough, actions are more important,\" Barroso said after talks with Prime Minister Antonis Samaras and Finance Minister Yannis Stournaras. \"All heads of states and governments of the euro area have stated in the clearest possible terms that Greece will stay in the euro as long as commitments made are honoured,\" Barroso told his hosts. Samaras, who leads a three-party coalition government that campaigned on keeping Greece in the eurozone, said he was \"determined to go ahead with structural changes and privatisations and implement the measures agreed on in order to reduce the deficit\". But the key measure demanded by EU-IMF lenders, whose auditors are again in Athens inspecting government books, now includes 11.6 billion euros ($14.3 billion) in new spending cuts, which is certain to face stiff resistance by Greeks. The IMF said on Thursday that it expected discussions with Greek authorities over the country\'s bailout-supported programme to continue into September, longer than expected.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today ecb chief vows total support for euro markets surge Arab Today, arab today ecb chief vows total support for euro markets surge

 



Arab Today, arab today
Arab Today, arab today Nasima Gamei revives Algerian heritage in jewelries

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives Algerian heritage in jewelries
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Salma Rashid happy for 'A Whisper of Love'

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday