Euro zone sees no default spillover from Dubai woes

29 November 2009 @ 04:32 am EDT

The euro zone does not risk the sort of debt problems plaguing Dubai, senior European Union officials said on Sunday.


Luxembourg's PM Juncker arrives at the EU council headquarters in Brussels
Luxembourg's Prime Minister Jean-Claude Juncker arrives at the EU council headquarters in Brussels, where an European Union extraordinary summit is taking place to appoint an EU president and foreign affairs chief, November 19, 2009.
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Dubai was forced to seek a debt standstill last week, rocking global markets and reviving concerns about the fiscal health of some euro zone members, notably Greece.

Luxembourg Prime Minister Jean-Claude Juncker, who chairs the Eurogroup of euro zone finance ministers, said he saw no risk of such a default in the euro area.

European Central Bank Governor Jean-Claude Trichet "entirely" confirmed what Juncker said.

The two were speaking at a news conference after a day of talks with Premier Wen Jiabao and other senior Chinese officials.

(Reporting by Simon Rabinovitch and Chris Buckley; Writing by Alan Wheatley; Editing by Mike Nesbit)

Copyright 2009 Thomson Reuters. All rights reserved.

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