…But’ relatively confident’ that buyback can work…
- Legal reservations on a haircut will cease to apply if Greece reaches a sustainable primary budget surplus ( expected to do so for 4.5% of GDP in 2016)
- Expects total ECB profits from SMP programme to be Eur 10bln by 2030, German share at 27%
- Greek debt buyback to be financed from ongoing aid programme, T-bills
- Shortfall for German budget caused by lower rates for Greece at Eur 130 mln
- Interest rate relief for Portugal and Ireland wasn’t discussed in Brussels
