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Tuesday 12 December 2017

ECB eases way to Greece deal

THE ECB has ruled out extending concessions it may make on its Greek bonds to Ireland or other bailout countries.

There was little relief for tracker mortgage holders as the bank kept its benchmark interest rate unchanged at 1pc.

And ECB president Mario Draghi (right) downgraded last month's fears of "substantial" to "high" downside risks amid signs of economic stabilisation.

Mr Draghi said that the Irish Government "ought to be praised for constant progress making in reforms" in light of "enormous challenges".

But Mr Draghi refused to rule out swapping Greek bonds held by the Frankfurt bank with the EFSF bailout fund.

Mr Draghi left open the door to losses being absorbed by the ECB's national central bank members.

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