ECONOMY

Noyer: On Greece, ECB has interpreted rules to maximum

noyer-on-greece-ecb-has-interpreted-rules-to-maximum

The European Central Bank had already interpreted its own rules "to the maximum" to help Greece and would be obliged to cut off liquidity as soon as there was no prospect of a deal, ECB Governing Council member Christian Noyer said on Wednesday.

"In the last six months we maintained the lifeline set up for Greek banks and put enormous sums of money on the table," Noyer told Europe 1 radio.

"Our rules oblige us to stop immediately at that point when there is no prospect of a political accord on a programme, or at the point when the Greek banking system crumbles – which would happen if it enters generalised default on all its debts."

Eurozone members have given Greece until the end of the week to come up with fresh proposals in return for loans that will keep the country from crashing out of Europe's currency bloc. [Reuters]