ECB to fund Greek banks as long as they stay solvent: Coeure

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Coeure, member of the Executive Board of the European Central Bank (ECB), gestures during the session 'The Global Economic Outlook' in the Swiss mountain resort of DavosThe European Central Bank will continue to fund Greek banks as long as they stay solvent and have enough collateral, Executive Board Member Benoit Coeure told a newspaper on Wednesday, dismissing talk that Athens might ditch the euro. Worries over the standoff between the leftist-led government in Athens and its creditors – the euro zone and the International Monetary Fund – over reforms needed to unlock bailout funds has sparked uncertainty and deposit flight from Greek banks. ECB staff have prepared a proposal to reduce the value of that collateral, a media report citing people with knowledge of the discussions said on Tuesday. The ECB declined to comment.

 

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