European Central Bank (ECB) executive board member Benoit Coeure reiterated on Wednesday that the Euro zone’s central bank will make a decision over the Greek debt’s sustainability independently.
In echoing the standing position repeatedly enunciated by ECB chief Mario Draghi, he added that ensuring debt sustainability is very important for a restoration of confidence in the Greek economy.
Coeure spoke at an Economist Conference in Frankfurt titled “Greece: A comeback to the financial markets?”
The ECB official said “significant progress” was achieved by the Greek side over the last few days towards finally concluding the second review of the Greek program, while adding that there was no specificity in terms of medium-term debt measures emanating from the recent May 22 Eurogroup meeting – a statement that is similar to the IMF position.
A Eurogroup meeting on June 15 is viewed as the latest "unofficial deadline" for achieving the review and as a venue for reaching some sort of agreement by all sides on Greek debt relief.
