Stark suggests Eurozone must reduce salaries

Note: This section contains information in English only.
Source: Bloomberg
© Scanpix/Reuters
Juergen Stark, the member of European Central Bank Executive Board said substantial wage cuts are the last instrument left for Eurozone to stop debt crisis. He argued that adjustment in relative prices through salary reductions may be the only approach to lessen total debt. Stark also reminded that ECB rejects calls to be a creditor of last resort as it doesn't have capacities to back governments.

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