Athens responds to the ECB: “Our position does not change” – The Republic

Athens responds to the ECB: "Our position does not change" – The Republic

MILAN – The ECB’s decision to no longer accept the Greek government bonds as collateral for liquidity “will not have a negative impact” on the country’s financial sector remains “fully protected” through other channels of liquidity still available. So Athens, through the Ministry of Finance, tries to dab the situation after the cold shower arrived from Frankfurt in the evening of Wednesday, when the Eurotower has decided to tighten the conditions under which the Greek banks can draw cash from the Central Bank. In a surprise move that is also felt in the markets. Alexis Tsipras does not intend to back down, however: “The government,” the statement said, “remains determined objective of its program of national salvation approved by vote of the people greek”. Its intent is to “converge towards a European policy that will put a definitive end to the crisis of the social Greek”.

Questions and answers to understand the move by the ECB

“The liquidity and funding of the banking system greek are insured and there is no reason to worry,” said the spokesman of the aftermath Government, Gabriel Sakellaridis, quoted by television Mega . Speaking to Les Echos, the chief economist of the ECB, Peter Praet, stressed that Draghi has applied “transparently” the rules of the ECB decided to “not accept more than 11 February greek government bonds as collateral for its loans. ” On the other hand, for the economist “The conditions of access to ECB liquidity are clear – he explains – If these conditions are no longer met, the ECB must accept the consequences.” The political message is that – with the foundations laid by Tsipras – now one can not consider the conditions.

The decision of the ECB, emphasizes instead the release of the Ministry of Finance, “puts pressure on the ‘ Eurogroup to conclude an agreement in the short time between Greece and its partners, which is positive for both, “greek debt and reforms. The same line already held by the Minister of Finance, Yanis Varoufakis , who yesterday met its governor Mario Draghi. According Sakellaridis, is “an instrument of political pressure in a time when there are consultations at all levels. And ‘there must be a willingness to discuss, to find common ground to conclude new agreements” between Greece and partners. Greece, repeated the government spokesman, wants “a transitional arrangement.”

Meanwhile Varoufakis continues touring Europe going to visit his German Wolfgang Schaeuble , standard bearer of the German penalty area. Then, the dossier Greece will be the focus of the Eurogroup in Brussels next week, right on the eve of the EU Council of 12 February.

Arguments:

Greece

bce

2015 elections Greece

Greek banks

European economic crisis

spread

Starring:

Yanis Varoufakis

Alexis Tsipras

Wolfgang Schaeuble

mario dragons