Dragons opens to a solution on the debt – Il Sole 24 Ore

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This entry was posted on July 16, 2015 at 16:39.
The last change is the July 16, 2015 at 16:46.

Greece needs a debt relief: Mario Draghi, the ECB president, not He had no hesitation, in the press conference after the board in July. He acknowledged that something needs to be done on this point, very controversial, “There is no doubt: a greek debt relief is necessary and I believe that no one has questioned. The problem – he added – is what is the best fit within our legal system [European, ed ]. I think we should focus on this issue in the coming weeks. “

Dragons recognizes the existence of a double problem: the unsustainability of debt greek, as has been argued by the IMF in its latest assessment, and the difficulties that a simple “reduction” of the debt meets the legal point of view in the European system, as pointed out by German Finance Minister Wolfgang Schäuble.

But Draghi has in fact distanced itself from the proposal of the German Minister of a temporary Grexit: not when he explained that the ECB should consider Greece as a country that is and will be part of the monetary union – there are legal elements to do otherwise – but when he added that “politicians”, as suggested by one of the questions, but ‘the Treaties’ could change this assessment of the Central Bank. To sign a treaty, the consent of all, and a lengthy procedure.

It is not rash to conclude that the President of the ECB, with its reference to “the coming weeks” wanted to open the door to a solution , to new discussions so far evoked with great reluctance. The agreement on Monday only provides that “where appropriate”, the partners of Greece are “ready to consider possible additional measures (perhaps due dates and periods” interest-free “longer) with the aim of ensuring that the gross financial fabbisoglio remains to a sustainable level. ” A formulation very soft compared to the words of Draghi. The IMF, for its part, has instead argued that in the absence of a cut debt, must be an extension of the grace period of at least 30 years throughout the European debt. The necessary measures, it added in each case the Washington, “go far beyond what Europe wanted to take into account so far.”

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