Debt crisis: live

http://www.telegraph.co.uk/finance/financialcrisis/8846201/Debt-crisis-live.html

14.00 An ECB member tells it like it is...

Governing Council member Yves Mersch has said that monetizing government debts "is tantamount to inflation" and "not feasible".

To use inflation to lower the fiscal burden "would reduce incentives for governments" to tackle their debt burdens and "would raise the risks of even higher future inflation and greater output volatility.

Uncontrollable wage-price spirals would be likely," Mersch said in a speech in Frankfurt.

He added that you cannot make the ECB as a "lender of last resort for governments" and that governments must live up to own responsibilities.