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Wednesday, May 12, 2010

ECB pledges euro survival, to hold on to govt bonds

The European Central Bank vowed on Wednesday the euro would survive a battering inflicted by euro zone's debt crisis and one top policymaker revealed the bank would hold acquired government bonds until their end date.The dire state of public finances of Greece and other euro zone members such as Portugal, Spain, Italy and Ireland have driven the euro down sharply over the last month and cast doubt over the single currency project.

ECB President Jean-Claude Trichet came out fighting on its behalf, supported by Belgian Governing Council Guy Quaden."I am more than confident in the future of the euro," Trichet told France's radio one.When asked whether the euro would survive the current problems, Quaden replied: "Without a doubt."

The euro has plunged around 11 percent since mid-January on both the ECB's favoured trade-weighted basis and against the dollar as the crisis has gained traction.Quaden rebuffed talk of countries leaving the currency union in the wake of the problems."Firstly, that is not foreseen in the treaty. Secondly, no country has an interest in leaving the euro. Neither Greece nor Germany," he told a Belgian magazine.

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