ECB chief Trichet says euro is 'credible'

[December 03, 2010]  PARIS (AP) -- The European Central Bank's chief says the euro remains a "credible" currency despite the debt crisis that has required the bailouts of Ireland and Greece and raised worries about Portugal and Spain.

Jean-Claude Trichet is also urging European governments to make a "quantum leap" toward reforming and cleaning up their budgets. Speaking Friday in Paris, he said, "This is no time for complacency."

He would not single out any country or comment on whether the ECB has increased its purchase of Irish and Portuguese bonds amid worries about their debts.

Trichet insisted "the euro is a credible currency. The euro is a currency that is considered just as credible for the next 10 years as for the last 12 years."

[Associated Press]

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