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ECB Draghi: Greece can become part of QE, if it has a waiver

Head of the European Central Bank, Mario Draghi, said on Monday that Greece can be part of  Quantitative Easing program (QE) if it has a wavier. He reiterated that the ECB will make its own sustainability analysis of the Greek debt after it exits the bailout program.  Responding to questions posed by Greek MEPs Giorgos Kyrtsos and Notis Marias, Draghi explained the procedures that need to be followed.

“The current post-memorandum enhanced surveillance does not guarantee the existence of a waiver, we have made it clear,” Draghi said.

He added that “the ECB will prepare its own independent analysis of the sustainability of the Greek debt and will make its own risk management assessment.”

Therefore, the ECB will decide whether to continue to accept exceptionally the Greek bonds as a waiver, after assessing the viability of the Greek debt and its report is positive.

“Greece has currently a waiver so the logical question is this: after what has been agreed with the Eurogroup with the various measures (for debt), Greece can not now join QE, while the program is still running? The issue is that before we make our own DSA (Debt Sustainability Assessment) regarding this question, we must wait for the answers from the various parliaments that have to approve the decisions taken by the Eurogroup and then we have to wait for the decision of board of directors of EFSF,” he reportedly said

Mario Draghi was speaking at the Hearing of the Committee on Economic and Monetary Affairs of the European Parliament. Here is his introductory speech.

PS Until ECB decides to include Greece in QE, Mario will have scrap the program…

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3 comments

  1. Who would want to be part of anything that this bankster recommended?

  2. bureacrcy mania pervades all levels of this society, nobody has the guts to take responsibility for anything, even presidents and commisioners and ministers have to hide behind paperwork and permits and waivers and of course in the end nothing is anybody’s fault. we play god, but dont blame us for anything, we’re just implementing the decisions of the steering committee of the special commission for the preliminary investigatory study of the advisory board and by the way you don’t have a waiver do you?

  3. Biggest joke in human history. Oh let’s print money and give it to the finance industry instead of the people and bunkrupt countries (that reform). Money that didn’t exist gets put into the hands of those that have more than they know what to do with.