Talk of restructuring worsened turmoil: Bini Smaghi

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Eurozone officials' talk of a restructuring of Greece's debt was a key factor in the re-emergence of financial market jitters, Lorenzo Bini Smaghi, a member of the executive board of the ECB, has said.

The ECB has since last May bought around €75 billion ($108 billion) of sovereign debt through its securities markets programme. But with spreads between German bunds and peripheral debt at record highs, the programme is seen as having failed.

However, in an interview with Central Banking

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