Former Cypriot governor says OMTs will not suffice


The European Central Bank's (ECB) bond purchases are no miracle cure, according to the former governor of the Central Bank of Cyprus, Athanasios Orphanides.

Speaking at a Swiss National Bank research conference on September 12, Orphanides said the ECB's Outright Monetary Transactions (OMT) programme would alleviate the immediate funding pressure faced by some member states, but is not capable of achieving lasting stability on its own.

"The ECB has bought some more time for governments. But the

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