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Welcome, 77 artists, 40 different points of Attica welcomes you by singing Erotokritos an epic romance written at 1713 by Vitsentzos Kornaros

Tuesday, April 21, 2015

ECB's Constancio

By John O'Donnell and Jonathan Gould FRANKFURT (Reuters) - A country that defaults would not have to leave the euro, the European Central Bank's vice president said on Monday, in frank remarks about Greece that also touched on possible capital controls and showed how acute Athens' problems have become. Speaking as Greece ordered public sector entities to transfer idle reserves to the central bank to help with a cash squeeze, Vitor Constancio discussed the possibility of a debt default and controls on the movement of money, saying neither necessarily meant a departure from the currency bloc. "If a default will happen ... the legislation does not allow that a country that has a default ... can be expelled from the euro," he told the European Parliament, saying that Greek banks had been told not to increase their exposure to the state to avoid "a possible credit event regarding the state". The comments from the typically reserved Constancio underscore the seriousness of Greece's predicament and are the most open yet from the ECB, which is providing 110 billion euros of liquidity to the country and its banks.


READ THE ORIGINAL POST AT uk.news.yahoo.com