Tuesday, May 19, 2015

ECB Member says contract with Greece being redefined but the exit of Greece is not a scenario

Excerpts from an Interview with Benoît Cœuré, Member of the Executive Board of the ECB,conducted by Sandra Moatti  and published in the issue # 66 of L’Economie politique (quarterly publication of Alternatives Economiques)


"The new Greek government wants to change the content of the structural reforms, which is perfectly legitimate because that's what it was elected to do. But this creates a transition period while the contract between the country and the rest of Europe is being redefined. That transition creates uncertainty, and during this time the country is no longer able to obtain funding on the markets."
"The exit of Greece is not a scenario we are working on. All the efforts being made at the moment are aimed at updating the relationship with Greece in the light of the new priorities of its government, within a framework which remains that of the euro area and which implies rights as well as the duty to respect the common rules. So we are not putting the question in those terms."

Source: European Central Bank

Without risk or responsibility

Emphasis ours 

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