Respite offered by ECB ratings U-turn

The European Central Bank gave Greece unexpected help on the 25 March 2010 when it pulled forward an overhaul of its liquidity operations that will relieve the immediate pressure on the crisis-hit country.

In a surprise U-turn, Jean-Claude Trichet, ECB President, said the bank would not go ahead with plans to raise, at the end of 2010, the minimum credit rating required for assets provided as collateral by eurozone banks.

ECB: Speech: Introductory statement before the Plenary of the European Parliament Speech by Jean-Claude Trichet, President of the ECB, Brussels, 25 March 2010 http://www.ecb.int/press/key/date/2010/html/sp100325.en.html

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