Citigroup CEO: The euro is here to stay

21 June 2010

Citigroup's chief executive officer Vikram Pandit has praised the European response to the sovereign debt crisis, stating that he feels confident the problems will be resolved.

Speaking to Bloomberg Television, Mr Pandit commended the "very good job" done by the European Central Bank and the eurozone countries in coming up with ways of tackling the problems the region is facing.

Last month, European governments put together a €750 billion ($975 billion) bailout package designed to improve confidence in the ability of countries such as Greece to pay off their debts.

Mr Pandit said: "I think we are going to look at this as another one of these issues that we’ve put behind us.

"We believe the euro is here to stay."

As part of the package of put together in Europe, the 16 member states will put in €440 billion, the International Monetary Fund will contribute €250 billion and the European Commission €60 billion.

By Gary Cooper

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