Weidmann Didn’t Back ECB’s Bond Swap Decision, Spiegel Says

European Central Bank governing council member Jens Weidmann didn’t support the bank’s decision to swap its Greek bonds for new ones to ensure it isn’t forced to take losses in a debt restructuring, Spiegel magazine reported, citing ECB officials it didn’t name.

Special rules for the ECB may prompt legal action by other Greek bondholders, and increase investor doubts about other peripheral euro countries such as Portugal, possibly worsening the debt crisis, the magazine said.

To contact the reporter on this story: Rainer Buergin in Berlin at rbuergin1@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net

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