• Germany edition
 
Greece no threat to world economy: ECB man
Photo: DPA

Greece no threat to world economy: ECB man

Published: 20 Feb 2012 16:57 GMT+01:00
Updated: 20 Feb 2012 16:57 GMT+01:00

Greece, which is teetering on the brink of bankruptcy, is "no threat to the world economy," Germany's European Central Bank executive board member Jörg Asmussen said on Monday.

"Luckily, Greece is no threat to the world economy," Asmussen told the Financial Times Deutschland.

"Nevertheless, other countries expect us to find a solution. But by the G20 meeting at the end of the week, we'll be a great deal further" towards one, he said.

Eurozone finance ministers are meeting in Brussels on Monday to finalise a second Greek bailout in a deal which they hope will also quell suggestions that Greece could be pushed out of the currency area.

The deal to write off €100 billion ($130 billion) of debt and provide loans worth another €130 billion is contingent on painful new spending cuts that Athens must make despite violent protests.

Finance ministers and central bankers from the Group of 20 countries are to meet in Mexico City on February 25-26.

In a separate interview with the business daily Handelsblatt, the ECB's director general for legal services, Antonio Sainz de Vicuna, said the bank was looking into ways for eurozone governments to channel profits from the ECB's holdings of Greek bonds to help Greece.

"There is the political wish for the profits that we make on the bonds to be distributed to the EFSF (European Financial Stability Facility)," the EU's bailout fund, Sainz de Vicuna said.

"Whether and how this can be done hasn't been agreed yet," he said, while insisting that the ECB itself is forbidden from financing governments. "That is a political decision, but the eurosystem must possibly agree to it to ensure that the procedure is in line with the law," he said.

AFP/mry

The Local (news@thelocal.de)

Don't miss...X
Left Right

Your comments about this article

02:34 February 21, 2012 by Russel
ha ha ha.last time someone said something as stupid as this,must have been Chamberlain,regarding Hitler.someone needs to get the ECB board member,to study Economics again.Unless this is all about propping up Merkel at the next elections..because it cannot be based on economic theory..!
Today's headlines
Croatia extradites ex-top spy to Germany

Croatia extradites ex-top spy to Germany

Croatia extradited a former Yugoslav spy chief, Zdravko Mustac, to Germany on Thursday to face charges for the 1983 murder of a dissident on German soil. READ () »

German court jails Somali pirate for 12 years
An officer of the Lower Saxon Criminal Investigation Department (CID) securing evidence on the hijacked ship Marida Marguerite. Photo: DPA

German court jails Somali pirate for 12 years

A German court has sentenced a Somali pirate chief to 12 years in jail for hijacking a ship off the Horn of Africa and tormenting its crew during an eight-month ordeal. READ () »

New app helps clients find prostitutes
Photo: DPA

New app helps clients find prostitutes

While the German government is considering tightening prostitution laws, Berlin entrepreneurs have developed a smartphone app to connect sex-workers with clients. READ () »

Highs of 22C forecast for Easter weekend
Photo: DPA

Highs of 22C forecast for Easter weekend

The days running up to Easter may be cool and wet, but the holiday weekend should be a bit warmer for most of Germany, according to forecasters. READ () »

Berlin man must call himself a mother
The fight over the transgender man's right to be his child's official father has been raging since last year. Photo: DPA

Berlin man must call himself a mother

A transgender person who became the first man in Germany to give birth in March 2013 must be registered as the child's mother, a court has ruled after his year-long court battle to be named a father. READ () »

Study: rape convictions fall sharply
Photo: DPA

Study: rape convictions fall sharply

The chance of being convicted of rape in Germany has more than halved in the past two decades to fewer than one in ten, a major study revealed on Thursday. READ () »

SPD: Restore 45-percent investment tax
The tax privilege for investment income is unfair, says the SPD. Photo: DPA

SPD: Restore 45-percent investment tax

The centre-left half of Germany's coalition government has called for the old top rate of a 45-percent tax on investments to be brought back - to match standard income tax and fight the squeeze on middle incomes. READ () »

Customs find smuggled cash in every third car
Sniffing out the money. Photo: DPA

Customs find smuggled cash in every third car

The number of Germans smuggling large amounts of cash across the Swiss border into Germany rose dramatically last year. Customs officers said on Thursday they made a find in almost every third car they checked. READ () »

Crystal meth use hits record level
Crystal meth seized in Bavaria. Photo: DPA

Crystal meth use hits record level

Consumption of crystal meth in Germany appears to have reached a record level, according to government figures published on Thursday. READ () »

Child's near death sparks row over refugee homes
Leonardo had to have a finger and toe amputated after staff refused to call an ambulance. Photo: DPA

Child's near death sparks row over refugee homes

A political row has broken out in Bavaria after an asylum seekers' home failed to help a toddler who almost died of meningitis. The case has raised concerns about the treatment of refugees in the state. READ () »

RECEIVE OUR NEWSLETTER AND ALERTS
Photo: DPA
Rhineland
Elderly man taped €200,000 to his genitals
Photo: DPA
Business & Money
What's the unemployment rate in your area of Germany?
Photo: DPA
Gallery
Nine ways to celebrate Easter like a German
Photo: Galerie Bilderwelt
Gallery
World War I in colour photos
Photo: DPA
Society
'The mafia has infiltrated every sector in Germany'
Photo: DPA
Society
JobTalk: Why you should teach English in Germany
Photo: DPA
National
330,000 sign up against TV licence fee
Photo: DPA
Hamburg
School kids hospitalized after 'porno' party
Photo: Submitted
Frankfurt
'I'll get even with my old pal Schwarzenegger'
Photo: DPA
Gallery
The week in pictures: April 5th - April 11th
Photo: DPA
Gallery
Ten great inventions you (probably) didn't know were German
Photo: J. Arthur White
Berlin
Clashes in Berlin as refugees tear down their own camp
Advertisement:
Photo: DPA
Gallery
Munich's baby polar bears are finally named
Photo: DPA
Gallery
The 10 best German employers to work for
CurrencyFair
Sponsored Article
Why it pays to avoid banks when making overseas transfers
Mr. Lodge
Sponsored Article
How to find a furnished rental in Munich
Sponsored Article
How to make a lasting impression in business
Hult International Business School
Sponsored Article
What they don't teach you at Business School
Photo: DPA
Society
Nine jobs you can only do in Germany
Photo:ESL
Sponsored Article
How to integrate successfully in Germany
Photo: DPA
Business & Money
JobTalk: All you need to know about working in Germany
Photo: DPA
Features
The Local List Archive - Your guide to all things German
National
Share news tips with The Local Germany
Latest news from The Local in Switzerland

More news from Switzerland at thelocal.ch

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Italy

More news from Italy at thelocal.it

Latest news from The Local in Norway

More news from Norway at thelocal.no

Latest news from The Local in Sweden

More news from Sweden at thelocal.se

3,146
jobs available
Toytown Germany
Germany's English-speaking crowd