European Central Bank chief Jean Claude Trichet on Thursday (21 July) said that he could not prejudge if ratings agencies would declare a 'selective' default of Greek bonds, but noted that eurozone leaders have prepared for that event with €55bnn for bank recapitalisations and improving the creditworthiness of Greek government debt.
Admitting that eurozone leaders had disregarded his advice on avoiding a selective default for Greece or any other 'credit event', Trichet however stressed ...
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