Rolling over ECB debt could solve Greek funding gap, says Stournaras

Finance Minister Yannis Stournaras has suggested in an interview that Greece could overcome any financing gap in the future if the European Central Bank and the eurozone’s central banks agree to rollover some of the Greek debt they hold.

The ECB and the central banks hold 19 billion euros worth of Greek bonds that mature by 2016. Of this, 10 billion euros is payable in 2014. In his interview with Naftemporiki newspaper, Stournaras suggests that rolling over some of this debt would solve the funding gap problem.

So far, the ECB has ruled out any debt rollovers as it regards them to be monetary financing of a member state.

Kathimerini understands the government is also looking at rolling over 4.4 billion euros of Greek bonds held by local banks.