Draghi: Greece must complete second review and have sustainable debt to join QE

Tuesday, February 7th, 2017
Last Update: 09:35

A sustainable Greek debt and completion of the second review of the Greek programme are necessary prerequisites for Greece΄s inclusion in the quantitative easing, European Central Bank (ECB) President Mario Draghi said on Monday.According to AMNA, addressing the European Parliament΄s Economic and Monetary Affairs Committee in Brussels, Draghi explained that the sustainability of Greece΄s debt must be addressed before the ECB can proceed to buy Greek debt.

This required that both the short-term and medium-term measures for easing Greek debt must be in place, he added, in order to enable a reliable assessment of Greece΄s debt sustainability. Greece΄s Eurozone partners have already given the go-ahead for short-term debt relief measures, which are currently being rolled out, but Greek authorities and Eurozone member-states are still in negotiations over the medium-term measures, he pointed out. Consequently, Draghi added, a reliable assessment of Greek debt sustainability required the completion of the second review.

Once the review was concluded, he explained, the ECB΄s board will carry out its own, fully independent assessment of the sustainability of Greece΄s debt.

"We can be closer to the goal of buying Greek debt if the second review is completed soon, otherwise we can wait," Draghi said.  

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