ECB Chief Draghi: No Debt Cut For Greece

ECB Chief Draghi: No Debt Cut For Greece

Greame Wearden ? The Guardian

(Photo/Daniel Roland/AFP/Getty Images)
ECB President Mario Draghi: We cannot do monetary financing.?

The head of the European Central Bank has ruled out handing Greece a debt relief lifeline, hours after the head of the Eurozone finance ministers admitted that Athens will need additional aid next year. ECB President Mario Draghi was adamant that the ECB would not participate in any debt restructuring, despite growing speculation that Greece will be unable to fully return to the financial markets when its current bailout ends in 2014. ?It is pretty clear that we cannot do monetary financing,? Draghi told reporters in Frankfurt, insisting that the ECB?s own treaty made it impossible. Asked directly if the ECB would take part in any Greek debt relief, he said: ?No,? adding that any future assistance for Greece must also come with strings attached, or ?conditionality?.

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September 06, 2013

Source: http://www.thenationalherald.com/article/60621

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