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No mention of the $300 billion they’ve borrowed from the Fed to stay afloat…
ECB’s Stark Says Euro Prevented Worse Crisis Fall-Out, RBB Says
Jan. 5 (Bloomberg) — The euro has shielded the nations using the single currency from greater fall-out from the financial crisis, European Central Bank Executive Board member Juergen Stark said in an interview with German radio station RBB.
“The euro has saved us in the euro area from worse economic consequences,” Stark said in the interview broadcast on Jan. 3 and posted on RBB’s Web site.
Before the introduction of the euro 10 years ago, turbulence similar to that experienced last year also led to “considerable tensions” between the European currencies and governments, Stark told the broadcaster. The euro prevented that, he said.
Stark said in the interview that the single currency has been a “large success” and that the ECB has handled its challenges well.