Tsakalotos: ECB proposal for precautionary credit would merely delay return to ‘normalcy’

15 May 2018
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Greek Finance Minister Euclid Tsakalotos on Tuesday dismissed the latest high-profile comments by a top European Central Bank (ECB) official regarding a precautionary credit line for Greece after the current – and third consecutive – bailout ends in August 2018.

Speaking a day after a “N” interview by the ECB mission chief in Greece, Francesco Drudi, clearly outlining the Eurozone central bank’s position for a post-bailout credit line, Tsakalotos said such a development would merely add another year of delay “in our return to normalcy”.

“Normalcy” and a “clean exit” from the memorandum era are the themes being vigorously promoted by the poll-trailing Tsipras government to shore up sagging public support and increasingly hard-pressed Parliament deputies backing the coalition.

“The issue is for the country to stand on its own two feet. Everyone should assume their responsibilities … with a precautionary credit line, i.e. another program, the ratings agencies will not upgrade bonds to investment grade,” he added.

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