ECB Leaves Rates Unchanged; Greece Debt Woes Addressed

ECB Leaves Rates Unchanged; Greece Debt Woes Addressed

February 4, 2010 /EIN PRESSWIRE/ The European Central Bank held its benchmark interest rate at 1% for the third-straight quarter. Meanwhile, ECB President Jean-Claude Trichet expressed cautious optimism for the Greek recovery plan.

The eurozone economy continues to expand, but the debt from the countries on the periphery — namely Greece and Spain — are threatening to undermine growth. Trichet said it was “absolutely crucial” for Greece to get its debt under control. The ECB president lent his support to the country’s plan to slash its budget in an effort to reduce its debt from 12.7 percent of GDP to 3 percent by 2012.

Is 9 percentage points a realistic expectation for a nation that has been clouded by debt problems for years?

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