You can also see that we are, more or less, very normal [similar to our peers] in terms of foreign exchange intervention. EV keeps telling me, 'Gov, wag mong gamitin ang "foreign exchange intervention". Ang tamang policy "foreign exchange market participation."' But if your participation is in 10 billion dollars, you're now the only dancer. The others are all on the other side.
At the same time, everyone acknowledges that the degree of stress and vulnerability in the euro area has totally changed. There are no signs of contagion.” But if it goes wrong and a Grexit does come about, wouldn’t the ECB incur huge losses? “The Eurosystem (the ECB and the national central banks, ed.) has lent a total of some € billion to Greek banks.