Bank of England's Mark Carney speaks about the inflation report to the UK Treasury Select Committee
The committee kicks off with a question on Greece
- The process the Eurogroup used to reach a deal underscores the Eurozone's institutional shortcomings
- Privatisation timetable for Greece is going to be phased within the profile of debt repayments (comments based on his understanding)
- Program is necessary to improve the Greek economy but has big execution risks
- Greek debt is not sustainable in its current form
- IMF funding stretched Greece
- Original IMF funding program was based on different circumstances at the time
- There are contagion risks but the situation is very much different today
- Steps taken in 2010 did serve a different purpose. Now it is different and the execution of a new deal will be difficult
BOE's Cunliffe
- Political will to keep Euro together has been "pretty tested"
- There is an awful amount of political invested in keeping euro together