ECB’s Draghi Says Greece can Save Itself

European Central Bank president Mario Draghisaid on Saturday that Europe is rooting for Greece to resolve its problems, but the Hellenic Republic is the only party that can save itself.

Greece is struggling to manage a financial crisis, and requires a major cash infusion to meet looming debt obligations without defaulting. Against that backdrop, Draghi told reporters that “We all want Greece to succeed.”

However, he hinted that Greek officials were running out of time to strike a deal with creditors and prevent a worsening of the crisis. “The answer is in the hands of the Greek government,” Draghi added.

At the International Monetary Fund’s spring meeting in Washington, Draghi said that Emergency Liquidity Assistance (ELA) support would continue for as long as Greek banks remained solvent, and they had sufficient collateral.

He said that Greece would need to continue substantive dialogue with its creditors, the key to ensuring that Greece was able to avoid default. The latter scenario is something Draghi stated flatly that he did not wish to contemplate.

via CNBC