Crystal-clear position

The European Central Bank was crystal-clear about Greece’s position Thursday when it announced its landmark decision to launch an ambitious bond-buying program totaling some 1.1 trillion euros.

Whether Greece will benefit from this sizable quantitative easing will depend on whether the next government in Athens will be able to negotiate a new memorandum or a program – whatever one wants to call it – and whether it will then stick to the commitments that it will make.

The country’s partners and lenders may be using polite language but they are absolutely clear as regards the terms and the framework of the scheme that will apply for the next government.

There is absolutely no room for misinterpretation or misunderstanding in what European Central Bank President Mario Draghi announced in Frankfurt.

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