Hopes that Athens may be helped to plug a funding gap next year by the European Central Bank agreeing to roll over Greek bonds have been dashed. The estimated EUR 11 billion funding gap for 2014-15 will need to be addressed otherwise when the country’s bailout loans end in the second half of 2014.
“We must find a way to close this financing gap and there is absolutely no way that it can be done in a way of rollover bond or whatsoever which results in monetary financing,” Asmussen told reporters in Luxembourg.
“This is not possible for the ECB and not for the whole euro system.”
The ECB and other euro zone central banks hold a nominal 19 bln euros of Greek bonds, of which 10 bln matures in 2014.
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