Following is the text of a speech to be delivered today by Bank of Canada Governor Mark Carney to the International Center for Monetary and Banking Studies in Geneva, Switzerland. The text was released in Ottawa. The footnotes and charts from the original version have been removed from this text.
Charles Wyplosz , the director of the International Centre for Monetary and Banking Studies in Geneva, said political interference has undermined European bank stress tests and he doesn’t have faith in the results.
Five days before Christmas, ex-Deputy Prime Minister Rodrigo Rato was asked by a prosecutor probing the collapse of Bankia SA whether he’d done business with Jaime Castellanos, chairman of Lazard Ltd.’s Spanish unit.
Private investors in Greek bonds will need to take losses ranging from 40 percent to 60 percent, according to Charles Wyplosz, director of the Geneva-based International Center for Money and Banking Studies.