Govt’s underestimated Greek debt problem, Trichet says
European leaders failed to comprehend the gravity of the Greek debt situation, ignoring the European Central Bank?s warnings on government borrowing, outgoing ECB President Jean-Claude Trichet told CNBC television in an interview.
?One should not underestimate the gravity of a situation,? he told the financial news channel.
Trichet said Europe?s leaders ?have to do the job immediately? to implement the decisions taken at last week?s summit meeting. He defended the central bank?s use of non- standard measures to shore up confidence on financial markets in the interview.
?As you know, a number of decisions have been taken, including recently, in order to permit them to do the job which would permit us not to continue to help restore a better transmission of monetary policy because it would be done by the appropriate means by the governments,? Trichet said. [Bloomberg]
