This is a transcript of top stories presented by China's CCTV Business Channel as produced by CNBC Asia Pacific.
Hello, I'm Saijal Patel from CNBC and you're watching “Asia Market Daily”.
First Greece, then Spain, and now Ireland. Concerns about the European debt threat have hammered the euro this year, sending it plunging against the dollar and the yen.
Ireland's borrowing costs surged to record highs this week - amid fears the country will need more funds to bailout its struggling banks.
That's led to concerns the problems there could drag down the entire euro zone, causing a full-blown crisis.
In a CNBC exclusive interview, European Central Bank Governing Council Member, and Austrian Central Bank Governor, Ewald Nowotny has tried to play down those fears.
(SOT) Ewald Nowotny, ECB Governing Council Member and Austrian Central Bank Governor Vienna:
“The euro is not in trouble. There are some member states of the euro zone are in difficulties, but the euro is functioning very well. It is increasing its importance as an international currency. We have price stability. So this is not a euro crisis. This is a crisis of some specific member countries and there we have talks of how to solve it.”
Nowotny says while an emergency facility is available, "at the end of the day, it is the right and the responsibility of the Irish government" to decide whether to use it.
The Austrian Central Bank Governor also believes there isn't any danger of a euro nation default.
(SOT) Ewald Nowotny, ECB Governing Council Member and Austrian Central Bank Governor Vienna:
“No. No there is clearly no danger of default, and this was, again, never proposed also by any European government. We do have some situations that might be some refinancing problems. This does not apply to Greece because Greece now has a programme for the next three years. We do have discussions with regards to Ireland, this again, is not so much a problem of the government finances, it's more a problem for the banking side and I think there are a number of technical ways, on how to solve this.”
And solve this they will, according to Torge Middendorf of WestLB. He says it's highly likely Ireland will officially ask for help from the EU.
(SOT) Torge Middendorf,Economist, WestLB:
“When Ireland asks for funds, maybe today already at the meeting of the euro group, and the contagion might stop, and we think that the Portuguese government is in a better position, the Portuguese don't have these problems in the banking sector, they've already passed austerity measures for 2011, so I think Portugal is in a better position. When the Irish government asks for funds this might stop contagion so the Portuguese Government might not ask for funds from the EU/IMF health package.”
That's the latest on the Ireland debt crisis.
I'm Saijal Patel from CNBC, have a great night.
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