GO
Loading...

Nations Underestimated Gravity of Debt Crisis: Trichet

Monday, 31 Oct 2011 | 2:39 AM ET

"We said from the very beginning that is was something which was potentially very important and that one should not underestimate the gravity of the situation... we were not pleasing a lot of interlocutors including the governments that had a tendency to say 'no it's not that important, it's not a big deal' and so forth and I would say that unfortunately experience has proved that our diagnosis was right," Jean Claude Trichet, outgoing head of the European Central Bank told CNBC in an interview.