Minister: Greek crisis has no impact on UAE

11 May 2010

(MENAFN) Sultan bin Nasser Al Suwaidi, the UAE Central Bank Governor, stated that the debt crisis in Greece will have no impact on the UAE financial system, as the two countries are located in entirely different regions, Khaleej Times reported.

Al Suwaidi told reporters in a press conference that the exposure of the UAE banks to the crisis-hit European nation will be nothing significant.

The European Central Bank said it will buy government and private bonds as part of a bid to stave off a sovereign debt crisis that threatens to destroy the euro.

The announcement came less than an hour after European finance ministers unveiled a loan package worth almost $1 trillion to stem the market turmoil.

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