Italy's Visco says they are ready to contain monetary, financial and economic consequences from the Greek crisis
- Direct economic and financial effects from Greece likely to be modest
- Will be more serious if it rekindles market fears that euro is not irreversible
- If markets fear euro not irreversible, coordinated action will be essential from national and European authorities
- So far Greek crisis has not significantly weakened QE program
- ECB is determined to fully complete it
- ECB will strongly counter and undesired tightening of monetary conditions
- ECB can only continue to support Greece is there is a clear prospect of a political deal on a program
Strong words from Visco and the euro is ticking up on the headlines