ECB’s Lagarde says large-scale debt cancellation ‘unthinkable’

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© Reuters. FILE PHOTO: European Central Bank (ECB) President Christine Lagarde gestures during a news conference on the outcome of the meeting of the Governing Council, in Frankfurt © Reuters. FILE PHOTO: European Central Bank (ECB) President Christine Lagarde gestures during a news conference on the outcome of the meeting of the Governing Council, in Frankfurt

PARIS (Reuters) – European Central Bank President Christine Lagarde dismissed on Thursday the possibility of a generalised cancellation of debts contracted during the coronavirus crisis.

“That seems totally unthinkable to me. It’s not the right time to ask the cancellation question, right now we are concentrated on keeping the economy going,” Lagarde said in an interview on France Inter radio.

“Later we will look at how to pay down the debt and how we manage public finances in the most efficient way,” she added.

Former ECB chief Mario Draghi has called for corporate debt cancellations.

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