No issue of a fourth bailout program for Greece, says ECB’s Coeure

There is no issue of a fourth bailout program for Greece but it is vital for the country to succeed in the third program, Executive Board member Benoit Coeure reportedly told Greek newspaper Efimeritha ton Syntakton in an interview which will be published on Saturday.

Asked about the ongoing second program review, the ECB official said talks remain open on all aspects of policies and lowered expectations for a deal at the Eurogroup on December 9, noting that the meeting “will provide a good opportunity for registering the progress made and determining the timetable to complete the review.”

Coeure also confirmed the differences in views among the institutions on the size of the primary surplus in the talks about Greek debt and described the participation of the International monetary Fund (IMF) in the Greek program as a “factor of credibility”.

According to the paper, the ECB official said he’s in favour of debt relief and that the full implementation of the program must be accompanied by a series of debt relief measures in the framework of the Eurogroup agreement on May 25.

Concerning the inclusion of Greek bonds in the European Central Bank’s (ECB) quantitative easing program, he noted the bank’s board will base its assessments on the internal analysis which will be conducted, while taking into consideration other issues concerning risk management, before taking its final decisions.

Coeure also noted the need to continue reforms and fiscal consolidation in Greece in a way that “promotes growth” and is geared towards cost cutting and not tax increases.