ECB: Awaits views from Greek authorities on bailout

GMT 18:51 2014 Monday ,29 December

Arab Today, arab today ECB: Awaits views from Greek authorities on bailout

Greek electorate
Frankfurt - AFP

The European Central Bank said Monday it would seek views from Greek authorities on how to proceed with a review of the country's bailout after lawmakers failed to elect a new president, triggering a snap election.
"It's now for the Greek electorate to decide about the future composition of the parliament and the government. We will not interfere in or comment on this democratic process," the ECB said in a statement.
"We will wait for the views and suggestions of the Greek authorities on how to best proceed with the review, and we will discuss this with the European Commission and the IMF (International Monetary Fund)," it added.
The ECB said Greece had made "impressive progress in stabilising its public finances and reforming its economy over the last years and is expected to return to growth in 2015".
Greek lawmakers failed for a third time Monday to elect a new president, triggering a snap election that could bring to power a radical anti-austerity party threatening to undo many economic reforms.
The European Union and the International Monetary Fund have overseen two massive international bailouts for Greece after its debt crisis nearly destroyed the single currency zone.
But even after the rescue packages worth 240 billion euros ($290 billion) and most of the debt held by private investors being wiped out, the economy has only just begun to recover after six years of contraction.
The reforms required by the creditors have improved the government's finances but have taken a heavy toll on Greeks as unemployment has soared above 27 percent and many people have had wages and benefits cut.
Greece recently secured a two-month extension from its EU-IMF creditors to conclude an ongoing fiscal audit that will determine the release of some 7.0 billion euros in loans. The extension expires in February.


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