Philippine:Greece bailout will be a relief to markets

Philippine central bank Governor Amando Tetangco said the developments in Greece will provide financial markets "relief from risk aversion." "Now that Greece is set to receive the second bailout package, markets will more closely monitor policy actions of the ECB, and whether the improvements in US employment (and recovery) would mean the Fed will have less need to do another round of quantitative easing," Tetangco said yesterday by e-mail in reply to questions. "It would be premature to say this is the end of the euro debt crisis, rather it simply means we are getting closer to a clear resolution." The Central Bank of the Philippines will assess "whether there would be significant changes in the direction and speed of capital flows, to see if there would be a need to adjust the stance of policy," Tetangco said.