Governing Council meeting – confetti for Draghi – Süddeutsche.de

An activist has the podium of the ECB President. Warns the Greek Government: Whether there are additional help, depended solely on her. About a Greek bankruptcy he does not want to think anyway.

By Markus Zydra

The young woman jumped up so suddenly that even the professionals of the security department were taken by surprise. Mario Draghi, President of the European Central Bank (ECB) had just started the press to explain the decisions of the Governing Council. Since the activist climbed from the first row to the table at which sat Draghi, and called in English: “. Stop the dictatorship of the ECB” This slogan was also on her T-shirt. The ECB President appeared relaxed as the protester pelted him with paper and confetti. The press conference was briefly interrupted discharged the woman. After a few minutes Draghi came back, he was initially a little upset. The 25 central bankers in the Governing Council had discussed once again on Greece. For a long time makes Draghi pressure that Greece agreed with donors. But now it will probably be no agreement in April. The rating agency Standard & amp; Poor’s (S & P) provides for the slow pace of negotiations increasing the risk of default by the Greek government debt. The credit ratings for the country would therefore lowered to “CCC + / C” by far “B / W”, said S & P now with. The outlook is negative. So far, the ECB supplied indirectly Greek banks with money: It allows the Greek central bank to enter the domestic banks loans. This emergency assistance amounted to 74 billion euros now. “Overall, the ECB has now made 110 billion euros to the Greek financial system,” Draghi said. “Whether we continue to provide emergency assistance, and only depends solely on the Greek government.” The ECB should only grant emergency aid banks, as long as they are solvent and have adequate collateral, Draghi said.

About a Greek bankruptcy he did not want to think, Mario Draghi

said it was on discussed the ECB meeting also haircuts on collateral of Greek banks, it said. Then you’ll come back soon. If the ECB were to increase these reductions, the Greek banks would need additional money. About a Greek bankruptcy he did not want to think, Draghi said.

The ECB has started in March its program of buying government bonds to drive the economy and inflation in the euro zone. According to flow into the financial system to September 2016, about 1.1 trillion euros. The first 61 billion euros have been invested. “Our actions to achieve the real economy, falling interest rates on loans for companies, lending recovers,” Draghi said. All this will contribute to a further improvement in the economic outlook in the euro zone.

“Our focus is on the full implementation of our measures are,” Draghi said. The ECB chief had thus dismissed suggestions that the ECB could complete their purchase program prematurely because success was already in sight. “The program runs for just one month, it is really too early to speculate about the end,” Draghi said. The view expressed by some stockbrokers fear in the financial markets no longer enough government bonds would soon be offered for purchase, Draghi called “a bit exaggerated,” he see no problem.