Greek econ minister: Access to ECB’s QE program now more ‘symbolic’

22 June 2017
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Greece’s economy minister on Wednesday essentially downplayed the prospects of the domestic banking system rejoining the ECB’s asset purchasing program – better known as Quantitative Easing (QE) – one of a handful of priorities repeatedly cited by the coalition government in Athens before last week’s Eurogroup agreement.
Asked to gauge how important the European Central Bank’s stimulus program was for would-be investors, Dimitri Papadimitriou said such a development is now more symbolic, instead of actually leading to more credit for the to the bailout-dependent country.

“The access to QE … is more for a symbolic nature than actual credit extension. We’re limited to how much credit we can get through the QE program. It would be nice to have it but it’s a decision by an independent institution (ECB), it’s not part of the (bailout) program, but I believe that based on the expression of interest that I have seen, that Greece will be able to access the market even without the QE,” the long-time US-based academic told Bloomberg television.

He also expressed optimism, as he said, after the election of Emmanuel Macron as president of France.

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