ECB decision won’t impact Greek economy: Minister
The Greek finance minister says a recent decision by the European Central Bank (ECB) to restrict financing to the country’s banks wound have "no adverse impact" on the Greek economy.
“This decision does not reflect any negative developments in the country's financial sector,” said Yanis Varoufakis in a statement on Wednesday.
The ECB's "decision puts pressure on the Eurogroup to proceed rapidly to conclude a new mutually beneficial agreement between Greece and its partners,” the statement added.
Varoufakis also stressed that such moves would not isolate Athens and the country is determined to pursue economic reforms.
“The government daily widens its circle of consultation with partners and institutions to which they belong, [and] remains unwavering in its goal of social salvation program approved by the vote of the Greek people,” he pointed out.
On Tuesday, the ECB lifted its special waiver for Greece and stated that the banks which use the Greek government’s bonds would no longer have access to the ECB credit.
Athens and the European Union are currently in a row over the country’s bailout loans.
Greek Prime Minister Alexis Tsipras, whose leftist Syriza party stormed to victory in elections on January 25, is touring the continent to renegotiate the terms of the country’s €240-billion ($270 billion) bailout it received in 2010 in return for imposing harsh austerity measures.
During his electoral campaign, Tsipras vowed to reconsider the austerity measures that have caused mounting dissatisfaction in the country.
The measures have forced people to endure multiple tax increases, along with cuts in pension and salary, in exchange for bailout loans by the eurozone countries and the International Monetary Fund.
FNR/AS/MHB
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