ECB cannot agree to debt relief for Greece, board member says

ECB board member Benoit Coeure said in a newspaper interview published on Monday that the European Central Bank would not take part in any debt cut for Greece.

“It is not up to the ECB to decide whether Greece needs debt relief,» Coeure told the German business daily Handelsblatt.

“But it’s absolutely clear that we cannot agree to a debt relief that includes Greek bonds that are located at the ECB,» he said, adding this would not be possible for legal terms.

Coeure also said European governments needed to implement reforms and consolidate their national budgets to create sustainable growth and jobs.