ROME, March 26 (Reuters) – The European Central Bank will not buy government bonds of Greece because the European rules prohibited it. He said the ECB president Mario Draghi responding to MPs during a hearing at the Italian Parliament. “The ECB does not buy Greek bonds for three reasons. First of all [the program] Qe does not purchase the securities of countries that have a program with the International Monetary Fund and the Commission, when this program, when the reivew, ie the evaluation of this program, it is not completed. In Greece, as you know the evaluation was suspended. Do not buy them [secondly] because they are below a certain rating. So the ECB does not buy the stocks under a certain rating , would have purchased if Greece had had this famous waiver. The waiver was suspended because the review was not completed and conditions of the program does not seem to exist for the moment. The third reason is that the ECB does not buy securities from the above a certain percentage. This is not to get to a point where it is the largest creditor of a country. So the ECB does not acquire more than 33% of the securities of each individual country and Greece already has more than 33% ” , Draghi said. The ECB President then said that the effect of the Q and the euro exchange with the dollar already “has been significant.” More and answering questions, said that Europe is probably the part of the world where taxation is higher, with inevitable effects on growth. As for the Plan Juncker, today the ECB is buying or buy bonds on the secondary Bei. Draghi said he was “quite optimistic” about the economic situation now more favorable due to the ECB policy that helps the individual states to make reforms. The governor also said he was in favor of the reform approved by the Parliament on the banks, a strong argument for the consolidation of the system. To Dragons there is no doubt that the German surplus violate EU rules on macro imbalances. More …
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