For the simple reason that the Greece will not default

This is just a demi-surprise. While Greek crisis threatens to spread to the Portugal, the Spain and now in the Italy (see below), the President of the European Central Bank (ECB), Jean-Claude Trichet, such as the Sphinx, remained imperturbable. The ECB's Governing Council held exceptionally in Lisbon yesterday, did not discuss an emergency procedure to calm down the fire. Investors and economists, the last few days, had nevertheless raised the possibility of purchase of securities of State by the Central Bank to stem the crisis bond rampant. Jean-Claude Trichet is shown in clear. Question: the ECB has discussed that possibility, he replied: "I would say that we have not discussed this option." Nor that he was raised the possibility of putting in place a procedure for failure to pay the States. For the simple reason that the Greece will not default.

Relative serenity

"A failure is, in my view, no question, it is as simple as that." And to drive the nail, he recalled that "the Greece and the Portugal are not in the same boat and it is very apparent if you look at the facts and figures." On criticisms relating to credit rating agencies, the President of the ECB simply indicated that "it is an open question, not only in Europe but in the rest of the world, whether or not we have an optimum configuration ..." for rating agencies. I say that, in this field, as in many other, more there of competition and better it is. "And kicking into touch:" I do not have the position of the Council of Governors on the specific issue of whether or not we call (the creation) of a European rating agency. " "For the time being, the ECB is therefore no utility to change the device in place. The fact of free State bonds Greek a any notation minimum to accept as its loan guarantee is sufficient in his opinion for the moment. In relation the reactions of the investors on the market of foreign exchange and bond markets (see page 34), the relative serenity of the ECB is difficult.

A risk of impact

The Agency Moody's, it is not deprived to warned yesterday against a risk of impact of the degradation of the public debt of some European countries on their banking system. The study cites the case of the Portugal, the Spain, the Italy, the Ireland and the United Kingdom.

"Each of the banking systems of these countries faced problems of different magnitude", said the Agency, but the fact that these countries have all accumulated public debt could "lead to similar and very real threats" for all of their banking systems.

In the meantime, the ECB which has not changed its main rate, always set to 1, considers that the financial crisis should be a brake on economic growth effect, taking into account current balance adjustment process in several areas of the low utilization of capacity and limited labour market prospects. The economy of the euro area should move at a pace moderate in 2010 but the evolution of the growth may be irregular in an environment of high uncertainty. It is therefore urgent to wait before tightening credit conditions in the area.

Fear on the PIIGS on lesechos.fr/dossierlesechos.fr/dossier