Greek growth to resume in 2014, says ECB

Reported by AAP
Tuesday, April 10, 2012

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Economic growth will resume within two years in Greece, a member of the European Central Bank (ECB) executive board has told a German newspaper.

Joerg Asmussen, a former German government official who is also an ECB governor, said the aim was for Athens to resume borrowing on financial markets in 2015.

"If the economic recovery program is implemented, I expect positive growth in Greece from 2014," he said.

In the interview to appear on Tuesday in the Rheinische Post, Asmussen also warned there would be no repeat of the ECB's two massive three-year funding operations in December and February.

"It's important that the special measures by the ECB are available for a limited time and no one should conclude from the fact that we carried out such funding operations twice that we are going to do it a third time," he said.

Banks borrowed more than 1 trillion euros ($A1.28 trillion) from the ECB in the two operations, which were aimed at averting a credit crunch. ECB President Mario Draghi has left open when the ECB will end the policy.

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18/04/2014 18:14Sydney, Australia. 18 April,2014
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