ECB’s González-Páramo identifies sources of contagion in euro area


José Manuel González-Páramo, a member of the European Central Bank's (ECB) executive board, on Friday said contagion from Greece had become a source of systemic risk for several eurozone countries and had led to the escalation of the sovereign debt crisis in July 2011.

At the European Economics and Financial Centre in London, González-Páramo said: "Spillovers from the Greek sovereign crisis can explain the sharp deterioration in the perceived creditworthiness of the other countries under

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