Greece's participation in the Quantitative Easing (QE) program is not possible without the waiver, which ends with the completion of the program, said the ECB President [19659002] "Taffeta" in the hope of maintaining the derogation in Greek (19459007) At a press conference following the meeting of the ECB Governing Council, M Draghi pointed out that the European Central Bank (ECB) "For the integration of Greek in the quantitative easing is the waiver is essential.The waiver of Greek bonds expires after the end of the program".
As newmoney.gr points out, the expiration of the waiver after August 20, beyond the final loss of QE, means that the Greek banking system will probably not be able to borrow (by derogation from the main rules of the ECB) with the low interest rates of Eurobank. Bank sources said that financial institutions have raised funds totaling 3.1 billion euros, which should now be offset by the interbank market with higher interest rates. high. They note, however, that the burden will not be huge.
Solidarity for Tragedy
"We are witnessing a tragic tragedy of enormous proportions" in Greece, said Mr. Draggi. "I would like to convey the solidarity of the ECB Council to the Greeks", he added at the end of the press conference
Thus, in full national mourning in Frankfurt today, two important issues for the 39, Greek eco-nomics were deemed negative. The meeting of the Governing Council of the ECB specified that it is impossible to maintain the derogation for the supply of cheap liquidity to Greek banks after August 20 (the third Memorandum is finalized) and that Greece will not be included, even at the end, in the quantitative relaxation program (QE).
The latter will end at the end of the year, and from September, the monthly purchases of bonds will fall from the same to 15 billion.
