World Economy

Draghi Urges Greece to Stick To Bailout

Draghi Urges Greece to Stick To BailoutDraghi Urges Greece to Stick To Bailout

European Central Bank Governor Mario Draghi urged Greece on Saturday to stick to its latest bailout to pave the way for bank recapitalisation and talks on debt relief, Reuters reported. In an interview with Sunday’s edition of Kathimerini newspaper, Draghi said the second tranche of funds set aside for Greek banks’ recapitalization, worth €15 billion, would be disbursed after the first review by lenders and no later than Nov. 15. Greece’s EU/IMF lenders have said the country’s top four banks will need between €10-25 billion ($11-$28 billion) to shore up their capital base. Draghi said private sector participation in the recapitalization was “desirable” to minimise the use of public money.