Top ECB official defends bond program ahead of German hearingJune 10, 2013 - 11:45 AMT PanARMENIAN.Net - A top European Central Bank official is warning ahead of a hearing at Germany's highest court that killing the bank's program to buy troubled countries' bonds would have significant consequences, The Associated Press reports. Germany's Federal Constitutional Court holds a hearing Tuesday, June 11and Wednesday on critics' case against the eurozone's rescue fund. Judges also will consider the ECB's offer last September to purchase unlimited amounts of government bonds, lowering countries' borrowing costs. The ECB hasn't bought any bonds under the program but its existence helped calm markets. ECB executive board member Joerg Asmussen was quoted Monday as telling Germany's Bild daily that the program was "economically necessary, legally admissible and efficient in terms of its effect." He said there would be significant consequences if the program had to be withdrawn but didn't elaborate. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Putin congratulates Pashinyan’s birthday Russian President Vladimir Putin congratulated Armenian Prime Minister Nikol Pashinyan on his birthday on June 1. Opposition motorcade en route to Gyumri for large rally A motorcade of protesters headed by Archbishop Bagrat Galstanyan is heading to the city of Gyumri. Ruling MPs, Foreign Minister talk Armenia-Azerbaijan processes MOs from the ruling Civil Contract party met with the Foreign Minister Ararat Mirzoyan in the Armenian parliament. Russia: Armenia’s frozen membership weakens CSTO position in Caucasus A Russian envoy said any step that could alienate the CSTO member states from each other is “deeply wrong”. |