ECB financing to Greek banks ‘cannot be lowered’: France

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PARIS: France’s finance minister warned the European Central Bank against lowering its level of emergency financing to Greek banks and said it was up to Athens to make new proposals on its debt crisis.

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The amount of funding provided by the ECB through its Emergency Liquidity Assistance “cannot be lowered,” Michel Sapin said ahead of a meeting by the bank to make a decision on the lifeline which could determine if Greece’s economy stays afloat.

In the first reaction from Europe’s second economy after Greek voters rejected bailout proposals made by international creditors in a referendum, Sapin said the ball was now in Athens’s court.

It is “up to the Greek government to make proposals. The vote itself solves nothing,” said Sapin.

He said communication channels with Greece were “very limited” and mainly passed through France, European Commission chief Jean-Claude Juncker and his Eurogroup counterpart Jeroen Dijsselbloem.

AFP

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