ECB's Visco: Limited Impact of Greek Crisis Until Now, Uncertainty Remains

 
   By Giada Zampano 
 

        ROME--European Central Bank governing council member Ignazio Visco said on Wednesday the central bank is ready to use all available tools to mitigate the possible impact of the Greek crisis and that rapid and orderly action is needed to find a solution within the eurozone to avoid international tensions.
        "The stability of the Economic and Monetary Union can't be put in doubt by the difficulties of a single country," Mr. Visco said at a banking conference in Rome.
        The Bank of Italy governor stressed the Greek crisis has had a limited market impact until now, but added that it could have "more serious repercussions if it reignites worries among international investors that the euro isn't irreversible."
        In that case, Mr. Visco added, "coordinated action will be needed by both national and European authorities."
        After Tuesday's emergency summit of eurozone leaders, German Chancellor Angela Merkel said that it was up to Greece to act.
        Eurozone leaders have set Greece a Sunday deadline to come up with new and economic measures to avoid defaulting on the European Central Bank and crashing out of the currency union. Ms. Merkel said that ECB President Mario Draghi made clear to leaders at the emergency summit that Sunday would be "the right moment to take decisions" for Greece to avoid a meltdown of its banking system.
        -Write to Giada Zampano at giada.zampano@wsj.com
        (END) Dow Jones Newswires

        July 08, 2015 05:38 ET (09:38 GMT)

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