26-01-15

ECB strictly opposes participation in any debt cut for Greece

ECB Executive Board member Coeure: It's absolutely clear that we cannot agree to a debt relief that includes Greek bonds that are located at the ECB

ECB premises in Frankfurt

After the election victory of the left wing Syriza party in Greece, the European Central Bank made clear that it will not take part in any debt cut for the country. “It's absolutely clear that we cannot agree to a debt relief that includes Greek bonds that are located at the ECB," Executive Board member Benoit Coeure told German business daily Handelsblatt. Meanwhile, ECB Governing Council member Jens Weidmann said in an interview with Germany’s national broadcaster ARD that it is in the interest of the Greek government itself to tackle the country’s structural problems. A debt cut would give Greece only a short breather, anyhow, he argued. The cep already pointed out this fact in its latest Default Index for Greece.