ECB Executive: Eurozone Needs Greece



benoit-coeure

European Central Bank (ECB) Executive Board member Benoit Coeure highlighted earlier today that the rest of the Eurozone needs Greece to stay in the currency bloc, just as much as the country itself needs the single currency, while he characterized the possibility of a Grexit as “out of the question.”

In an interview with Greek newspaper “Kathimerini,” Coeure stressed that the current situation “is clearly not sustainable and requires quick and decisive action by the Greek authorities to turn things around.” In addition, he explained that there has been “tangible progress” in talks with the institutions overseeing the country’s bailout program. But “significant differences on substance remain and further work is needed,” he added.

Coeure’s statements come just 24 hours after a similar positioning from Eurogroup President Jeroen Dijsselbloem, who also expressed the expectation that a deal will soon be reached between Athens and its creditors. As he explained, Greece’s presence in the single currency is not only in the interest of Athens but also in the Eurozone’s. Moreover, he said Greece must meet its obligations and agreements if it wants to remain in the currency bloc, adding, though, that a Grexit is “not an option.” If Greece leaves “the Eurozone, you [would] get very dangerous instability,” he said in an interview to German broadcaster RTL.