By Sakari Suoninen
September 8, 2010 1:12 PM EDT
Fiscal repair measures being implemented by heavily indebted euro zone countries are enough to prevent state insolvencies, European Central Bank Governing Council member and Bundesbank head, Axel Weber, said on Wednesday.
"The sum of measures initiated by governments, in cooperation with the IMF, should be enough to end discussions of a potential state insolvency in the markets," Weber said at the first day of the annual Banks in Transition conference that will attract top executives from the financial world.
Debt fears continue to blight heavily indebted euro zone perimeter countries.
The Portuguese 10-year debt yield spread against benchmark German bunds hit its widest since May on Wednesday, while the 10-year Irish spread marked a new euro lifetime high at 389 basis points on Tuesday.
Weber also said he was hopeful a deal on new global banking regulation would be struck at the weekend but admitted that not all national demands would be satisfied by the agreement.
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