CNB’s Hampl: debt reduction is only solution to sovereign crisis

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Mojmír Hampl, vice-governor of the Czech National Bank (CNB), on Wednesday said the sovereign debt crisis in Europe was in many respects an old and new phenomenon, and that ultimately some sort of debt reduction was necessary.

At the Alpbach Financial Market Symposium, in Alpbach, Austria, Hampl said Europe, as a continent had a rich experience of crises, and that sovereign debt problems and over-indebtedness of nation states are nothing new.

However, Hampl identified several distinctions

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