14 Jul 2015
Tsipras: Nothing is certain until the new bailout is ratified
FXStreet (Córdoba) - Ahead of Wednesday’s bailout vote, Tsipras was speaking on state TV. Among remarks he said that he signed a deal he does not believe in, but he is willing to implement and will assume responsibilities.
The Prime Minister says that Sunday was a bad night for Europe in which severe pressure was placed on Greece and its people. He said Greece ended up with a tough agreement and he won’t claim the deal is a success, but it is the only one on offer. He added Greek government hasn't yet received bridge financing.
Greek PM said Greece would not have reserves to support return to its own currency in case of disorderly default.
He also revealed German Finance Minister Schaeuble had told former FinMin Varoufakis option was deal or exit. Schaeuble had Grexit plan in March.
Tsipras said that, until the bailout deal is finalized, nothing is certain, a Grexit can’t be ruled out. The message to the financial markets is that if the Greek deal is ratified, we will not longer have a debt problem. Greek banks will reopen if deal is ratified and ruled out depositor bail-in.
Prime Minister said the European Central Bank is gradually moving to raise emergency liquidity assistance (ELA) for Greek banks and return to normality in banking system will happen gradually while increases in withdrawal limits will also be gradual.
The Prime Minister says that Sunday was a bad night for Europe in which severe pressure was placed on Greece and its people. He said Greece ended up with a tough agreement and he won’t claim the deal is a success, but it is the only one on offer. He added Greek government hasn't yet received bridge financing.
Greek PM said Greece would not have reserves to support return to its own currency in case of disorderly default.
He also revealed German Finance Minister Schaeuble had told former FinMin Varoufakis option was deal or exit. Schaeuble had Grexit plan in March.
Tsipras said that, until the bailout deal is finalized, nothing is certain, a Grexit can’t be ruled out. The message to the financial markets is that if the Greek deal is ratified, we will not longer have a debt problem. Greek banks will reopen if deal is ratified and ruled out depositor bail-in.
Prime Minister said the European Central Bank is gradually moving to raise emergency liquidity assistance (ELA) for Greek banks and return to normality in banking system will happen gradually while increases in withdrawal limits will also be gradual.