Varoufakis says loan extension safeguards the Greek financial system

Author: Mike Paterson | Category: News

Speaking on Skai TV he said

  • deposit flow seen on Feb 24 continued its trend in following days
  • Greece would like to use funds left over from recapitalizing banks for creation of agency to manage NPLs
  • confident that a solution will be found for how the country can make IMF debt payments due in March
  • former govt of PM Papademos in 2012 was wrong to accept that a return of ECB profits on GGBs from SMP programme should be tied to Greek bailout reviews

Asked whether ECB profits can be used to pay IMF directly he said

They tell me there isn't a mechanism in place for this to happen. Well, create one

As for the returning of deposits back to the banks the jury is still out after I reported this on Thursday and then a short while later Ryan posted this addtional info

                                Varoufakis - still in defiant mood

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