BIS’s Caruana urges eurozone to attack root of sovereign debt problem


Jaime Caruana, general manager of the Bank for International Settlements (BIS), on Friday said eurozone governments must take steps to re-establish their 'risk-free' status to restore confidence in sovereign debt markets.

At the Bank of Portugal conference on Basel III and the new challenges in Lisbon, Caruana said markets are questioning the risk-free status of the debt issued by an increasing number of governments worldwide, and that the morphing of sovereign debt from a risk-free to a credit

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