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Quatremer asks what kind of steps could be taken to support Greece: purchases of Greek debt by each member state or by the ECB on the secondary market?
L'hypothèse que l'on mettrait en place un instrument consistant à échanger des titres est valable. Ce n'est probablement pas la seule initiative que nous pourrions prendre. L'essentiel est que ces instruments bilatéraux, puisque l'Union ne peut intervenir directement, soient coordonnés au niveau de la zone euro. Il faut que cette aide à la Grèce apparaisse comme une mesure cohérente, déterminée et coordonnée de la zone euro. Il est dommage que plusieurs Etats se soient opposés dans le passé à la création d'un instrument qui nous aurait permis d'émettre des euro-obligations, ce qui aurait été plus simple. Mais, au moins, il y aura une réaction coordonnée de la zone euro.
"It's a valid hypothesis that we would set up a securities exchange instrument. This is probably not the only initiative we could take. The main thing is that these bilateral instruments, since the Union can't intervene directly, should be coordinated at Eurozone level. This support for Greece must appear as a coherent, determined, and coordinated step taken by the Eurozone. It's a pity that some countries objected in the past to the creation of an instrument that would have allowed us to emit Eurobonds, which would have been simpler. But, at least, there will be a coordinated response from the Eurozone."
Wait, is Juncker claiming the ECB cannot set a floor to Greek bond prices on the secondary market, is he ignoring the issue, or did Quatremer not ask explicitly?

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
by Migeru (migeru at eurotrib dot com) on Fri Feb 12th, 2010 at 02:32:54 PM EST

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