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European debt crisis: As it happened | Business | guardian.co.uk

8.38pm: Time for a couple of questions. And they're both good ones.

A Bloomberg reporter asks for details on the issue of the EFSF being given to buy Greek debt in the secondary market - where sovereign debt is traded between investors. Does this mean that Greece will be able to buy its own debt back, at a discount to its nominal value?

Yes, replies van Rompuy. This mechanism can be used both for stability (eg, persuading investors that Greek debt still has value) and for debt reduction.

Outbreak of sanity? M Trichet will have a coronary.

It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II

by eurogreen on Fri Jul 22nd, 2011 at 05:54:05 AM EST

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