‘Unthinkable!’ ECB chief Lagarde shoots down idea of cancelling debts to solve crisis

European Central Bank President Christine Lagarde brushed off on Thursday the possibility of a generalised cancellation of debts contracted by EU states during the coronavirus crisis. The bloc's top banker has warned that the euro zone economy could shrink by up to 10 percent this year because of the EU-wide lockdown measures, its biggest drop on record.

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