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MNI BRIEF: ECB de Guindos: Debt Cancellation Makes No Sense

LONDON (MNI)

The debate about debt cancellation was in itself detrimental and the whole idea made no "economical or financial" sense, European Central Bank Vice President Luis de Guindos said Friday, adding that it would damage the reputation, credibility and independence of central banks if any of the debt they have purchased was cancelled.

Although the debate is hypothetical, it has resurfaced in recent days as Mario Draghi, formerly head of the ECB and now Italian PM-designate, floated the idea of "private debt cancellation" in the early days of the Covid-19 pandemic.

MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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