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ECB'S Noyer Admits Grexit Would Be "Very Painful", Demands Greece "Negotiate Seriously"

Despite media claims that the German-Greek relationship did not "look tense" at today's EU leaders' meeting; and in spite of the European market's seeming exuberance at no deal but a possible deal but no deal, ECB's Noyer has come out swinging:

  • *NOYER SAYS GREECE NEEDS TO NEGOTIATE SERIOUSLY
  • *NOYER SAYS GREEK EXIT FROM EURO WOULD BE `VERY PAINFUL'

This is odd in that markets have been managed to prove Grexit is 'contained'.. Noyer added that the Emergency lending agreement (ELA) is adapted to the needs of the economy, and ironically explained Greece needed to focus on growth (ironic because Greece is expected to grow notably faster that eurozone this year) and debt reduction won't help.

Noyer added:

  • *NOYER SAYS IMPORTANT THAT EURO GROUP WAS UNITED ON GREEK ISSUE
  • *NOYER SAYS KEY PROBLEM IN GREECE IS RETURN TO GROWTH
  • *GREECE NEEDS INTELLIGENT REFORMS, NOYER SAYS
  • *NOYER SAYS DEBT REDUCTION ACCORD WON'T CHANGE THINGS FOR GREECE
  • *NOYER AGREEMENT WITH GREECE IS POSSIBLE
  • *ECB'S NOYER SAYS ELA CEILING IS ADAPTED TO NEEDS OF ECONOMY

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