8 Jul 2015
‘Greek economy is on the brink of a catastrophe’ – ECB’s Noyer
FXStreet (Mumbai) - In an interview with French radio Europe 1 as reported by Reuters, European Central Bank (ECB) Governing Council member Christian Noyer delivered a warning for Greece on Wednesday, touching on the crucial ELA lifelines that could determine if Greece sinks or swims.
Key Quotes:
"The Greek economy is on the brink of a catastrophe,"
"There must be an agreement next Sunday [12 July] at the very latest. After that it will be too late and the consequences wills be grave."
"I fear that if there is no agreement on Sunday the Greek economy will collapse and there will be chaos."
On ELA, Noyer said, "We have rules and we have interpreted the rules to their limit to maintain a lifeline to Greek banks, but we cannot continue indefinitely to increase the risks we are taking."
Key Quotes:
"The Greek economy is on the brink of a catastrophe,"
"There must be an agreement next Sunday [12 July] at the very latest. After that it will be too late and the consequences wills be grave."
"I fear that if there is no agreement on Sunday the Greek economy will collapse and there will be chaos."
On ELA, Noyer said, "We have rules and we have interpreted the rules to their limit to maintain a lifeline to Greek banks, but we cannot continue indefinitely to increase the risks we are taking."