BUSINESS

ECB's Draghi says 'no' to giving Greece debt relief

European Central Bank President Mario Draghi reiterated on Thursday that the bank would not takes losses on its Greek bond holdings in order to give Greece debt relief.

"It is pretty clear that we cannot do monetary financing,» Mario Draghi said at a news conference. Asked directly if the ECB would participate in Greek debt relief, he said: «No».

Greece is likely to need around 11 billion euros ($14.5 billion) more to see it though 2015 as a result of a revenue shortfall, prompting expectations that it will need a third bailout.

One method floated has been for current bond holders - of which the ECB is a major one - to re-negotiate repayments. [Reuters]

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