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Worst of eurozone crisis is over: ECB president

03-23-2012 10:35 BJT

FRANKFURT, March 22 (Xinhua) -- Mario Draghi, President of European Central Bank (ECB), said that the worst of the eurozone crisis is over and the situation is stabilizing, local media reported on Thursday.

Draghi made the remarks during an interview with the Bild newspaper in Germany, citing that investor confidence is returning and the ECB has suspended its Securities Market Program which enables the ECB to buy government bonds on the secondary market for weeks.

Draghi was also quoted as saying that some economic data, including inflation, current account and budget deficits, shows that Europe has fared better than the United States.

However, he also cautioned that there are still risks and reiterated that the ball is in the governments' court. He said that the governments must make the eurozone crisis-proof for the long-term.

With regard to two tenders of the non-standard three-year longer-term refinancing operations (LTRO), Draghi said the ECB paid close attention to the fact that the fight against the crisis and credit crunch with the injection of liquidity does not push the inflation rate higher.

The ECB has loaned over 1 trillion euros (1.32 trillion U.S. dollars) to banks through its two rounds of LTRO. Draghi has earlier said the first LTRO, which was conducted by the ECB in December, helped avert a major credit crunch.

Some German bankers have recently voiced their concern about the flood of money provided by the ECB.

Editor:Wang Lingfei |Source: Xinhua

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