The “extra push” the European Central Bank (ECB)’s plans to buy bonds will give to some of the region’s bailed-out economies outweighs fears that it will become a “junk bank,” Cyprus’ finance minister told CNBC.
Harris Georgiades, finance minister of Cyprus, one of the countries which may benefit from the latest ECB plans, defended the move in an interview with CNBC at the International Monetary Fund (IMF) meeting in Washington DC.
“We have done a very demanding effort. We are doing everything that is necessary. There should be this extra push to get the real economy re-activated again,” Georgiades said. “We are ready to discuss how our banks can best make use of this new instrument.”