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


A sustainable Greek debt and completion of the second review of the Greek programme are necessary prerequisites for Greeces inclusion in the quantitative easing, European Central Bank (ECB) President Mario Draghi said on Monday.

According to AMNA, addressing the European Parliaments Economic and Monetary Affairs Committee in Brussels, Draghi explained that the sustainability of Greeces 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 Greeces debt sustainability. Greeces 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 ECBs board will carry out its own, fully independent assessment of the sustainability of Greeces 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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