European Economic News

ECB's Coeure: Greece Must Comply With Existing Debt Obligations

European Central Bank Executive Board member Benoit Coeure said Monday that Greece must comply with its existing debt obligations.

He also said that the EU will hold discussions with the new government on the extension of bailout program.

In Greece, the anti-austerity Syriza party emerged the winner in the snap election on Sunday. The party led by Alexis Tsipras had promised to end austerity, renegotiate the country's government debt and possible extension of the bailout program.

"He [Tsipras] has to pay, those are the rules of the game," Coeure reportedly told the Europe 1 Radio.

"There is no scope for unilateral action in Europe," Coeure said. He also urged European leaders to "adapt to a change in government, even a radical one."

In a separate interview to the German daily Handelsblatt, Coeure said the ECB would violate legal terms if it extended any debt relief to Greece.

"It is not up to the ECB to decide whether Greece needs debt relief," the policymaker said. "But it is absolutely clear that we cannot approve any debt relief that we include Greek government bonds held by the ECB."

by RTTNews Staff Writer

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