No more new propositions to Greek government? European Central Bank President Mario Draghi's remarks on Monday (June 15), in a statement to members of the European Parliament's Committee on Economic and Monetary Affairs:
"Liquidity will continue to be extended as long as Greek banks are solvent and have sufficient collateral. However, in a situation where the Greek government doesn't have market access, this liquidity cannot be used to circumvent the prohibition of monetary financing as laid out in Article 123 of the Treaty on the Functioning of the European Union.
"It should be absolutely clear that the decision on whether to conclude the review of the current program and disburse further financial support to Greece lies entirely with the euro group, so ultimately with the euro area member states. Hence, this is a political decision that will have to be taken by elected policymakers, not by central bankers.
"Such a strong and credible agreement with Greece is needed, not only in the interest of Greece but also of the euro area as a whole. While all actors will now need to go the extra mile, the ball lies squarely in the camp of the Greek government to take necessary steps".
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