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 He said there would be significant consequences if the program had to be withdrawn but didn't elaborate.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 | Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. Azerbaijan must respect human rights, Scholz tells Aliyev German Chancellor Olaf Scholz has called for greater respect for human rights in Azerbaijan. Armenia: Defense Ministry warns against involving army in political processes The Ministry’s statement came after a video surfaced online, showing soldiers joining the protests in Tavush. Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. |