Italian Debt

It is Jrgen Stark and it has communicated east Friday its resignation. It will remain in the position until they find substitute. Economist j of the European Central bank (BCE), the German Jrgen Stark, has submitted east Friday his retirement application for personal reasons, but its opposition to the purchase of national debt of the countries of the Euro was well-known that carries out the European monetary organization. The BCE informed in an official notice into which Stark announced east Friday to the president of the organization, Jean-Claude Trichet, of which it goes to leave his position before &quot concludes its mandate the 31 of May of 2014; due to reasons personales". Stark, that is member of the executive committee and the advice of government of the BCE, will remain in position h spear that is a substitute at the end of this year.

The Euro reacted with a fall after knowing the resignation Stark, that has been member of the executive committee and the advice of government of the BCE from the 1 of June of 2006. Towards the 14,15 GMT, the unique currency changed to 1.3727 dollars. The fluctuation band in which the Euro moved in the last hours she has been ample and it has oscillated between 1.3698 and 1.3937 dollars. Trichet was thankful for to Stark its contribution to the European unit after knowing its decision to leave its position. The president of the BCE dndi Thursday and in a tone of unusual annoyance the management of the European monetary organization in the present financial crisis before the critics in Germany to the purchase of national debt. The BCE has had to take part in the secondary market of sovereign debt to support Spain and Italy, whose cousins of risk surpassed the 400 basic points with respect to the Bund (German bond to ten years), that serves as rrencia. The monetary organization initiated in May of 2010 a program of purchase of national debt to support to Greece, after being penalized by the markets and to cross forts financing difficulties. Later, the BCE also bought debt of Ireland and Portugal. Source of the news: Economist j of the BCE resigns, in opposition to the purchase of Spanish and Italian debt