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ECB Won't Take Losses on Greek Bond Exchange

Wednesday, 8 Feb 2012 | 4:30 AM ET

Michael Massourakis, chief economist at Alpha Bank, told CNBC, "obviously every euro for debt relief is welcome, even coming from the ECB but on the other hand the ECB has other systemic tasks and one of them is to make sure there is no precedent with other countries coming to the same predicament as Greece down the road."