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Tommaso Padoa-Schioppa

Tommaso Padoa-Schioppa

Tommaso Padoa-Schioppa has died on 18th December 2010 in Rome. He was 70 years old. He was ...
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Medias

Tommaso Padoa-Schioppa : "Athens must not be left to stand alone"

on February 19, 2010, 17:24
Interview - Tommaso Padoa-Schioppa
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Article published in Financial Times on 19 February 2010.





For years, Otmar Issing and I worked side by side to make the euro a success, and I think we did. At the European Central Bank we almost always agreed on the stance of policy. When we could not, the hawk was sometimes me. Now comes the Greek debt crisis and the declaration by European leaders that they "will take determined and co-ordinated action, if needed, to safeguard financial stability in the euro area as a whole". I welcome this statement; Otmar condemns it .





The spectrum of possible outcomes to this crisis is wide. At the best, the Greek government could win full public backing for a package that reduces the deficit and restores creditors' confidence. At the worst, we could see Greece default, with a domino effect knocking down other countries and even leading to a break-up of the eurozone. In-between lie many other, more likely outcomes.





Read the article on Financial TimesWebsite.



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