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19 Mar 2015
‘Greece must clarify its plans for budgetary and structural reforms’ – ECB’s Smets
FXStreet (Mumbai) - In an interview with a Dutch daily, Governor of the Dutch central bank and ECB Governing Council member Jan Smets said Greece must clarify its plans for budgetary and structural reforms before the ECB can normalize its financing for Greek banks.
Key Quotes:
“We respect the outcome of democratic elections. But the euro is also a democratic political project. The euro zone countries have a piece of their destiny linked. A problem in a small piece of the euro area could be a problem for all the rest,”
"Greece must clarify its plans for budgetary and structural reforms," "The ball is in the Greeks’ court. Greece must make clear how it will make its budgetary and structural reforms a reality."
"I’m assuming that Greece will do everything to fulfil the conditions of membership of the monetary union. If that happens it will restore confidence in the Greek government, banks and the economy,"
"Then Greece’s access to the financial markets will normalize and the ECB can normalize its financing of the Greek banks. I hope that the Greek government recognizes that, in the interests of their own people and the entire euro zone."
Key Quotes:
“We respect the outcome of democratic elections. But the euro is also a democratic political project. The euro zone countries have a piece of their destiny linked. A problem in a small piece of the euro area could be a problem for all the rest,”
"Greece must clarify its plans for budgetary and structural reforms," "The ball is in the Greeks’ court. Greece must make clear how it will make its budgetary and structural reforms a reality."
"I’m assuming that Greece will do everything to fulfil the conditions of membership of the monetary union. If that happens it will restore confidence in the Greek government, banks and the economy,"
"Then Greece’s access to the financial markets will normalize and the ECB can normalize its financing of the Greek banks. I hope that the Greek government recognizes that, in the interests of their own people and the entire euro zone."