Greek debt guarantees were vital for monetary policy: Estonia’s Lipstok

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Last week's decision by eurozone heads of state to provide the European Central Bank (ECB) with guarantees for Greek debt will enable the central bank to effectively conduct monetary policy operations, Andres Lipstok, the chairman of the Bank of Estonia, said on Wednesday.

As part of a €109 billion ($156 billion) bailout package for Greece, eurozone leaders on Thursday agreed to provide the ECB with €35 billion worth of guarantees against large holdings of Greek debt held on its books. The Greek

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