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22 Apr 2015
ECB to fund Greek banks as long as they stay solvent - ECB's Coeure
FXStreet (Mumbai) - The European Central Bank (ECB) Executive Board Member Benoit Coeure told Greek newspaper Kathimerini on Wednesday that the bank will continue to provide liquidity to Greece's banks as long as they remain solvent and have sufficient collateral.
He said imposing capital controls was "not a working assumption" for the ECB, while speculation about Greece leaving the euro was "out of the question." He told the paper that uncertainty over the standoff between Athens and its creditors was dragging down economic activity.
"In recent days, there has been tangible progress in the quality of the discussions with the three institutions – the ECB, the European Commission and the IMF – which can be built upon," Coeure said.
"Still, significant differences on substance remain and substantial further work is needed. We wish these discussions to succeed."
He said imposing capital controls was "not a working assumption" for the ECB, while speculation about Greece leaving the euro was "out of the question." He told the paper that uncertainty over the standoff between Athens and its creditors was dragging down economic activity.
"In recent days, there has been tangible progress in the quality of the discussions with the three institutions – the ECB, the European Commission and the IMF – which can be built upon," Coeure said.
"Still, significant differences on substance remain and substantial further work is needed. We wish these discussions to succeed."