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European Central Bank's (ECB) refusal to resume normal financing to Greek banks does not cause additional problem to Greece's financial sector, Greek government sources told local media on Thursday, commenting on the outcome of an ECB meeting in Cyprus.
During the gathering in Nicosia ECB President Mario Draghi stressed that normal lending to Greek lenders would restart once Greece complies with the commitments undertaken under the bailout program and a positive review of Greek finances concludes.
Under the February 20 euro group agreement for an extension of the expiring four-year bailout to June, the assessment should be made in April.
Until then the newly elected anti-bailout Left-led government of Greece faces a financing gap. Greek officials sought to resolve it through a raise on the limit of issuance of treasury bills.
Draghi responded on Thursday that the ECB could not agree to such a solution due to clear EU rules forbidding the direct or indirect financing of governments.
Since mid- February ECB has stopped accepting Greek government bonds as collateral for liquidity for banks and Greek lenders rely on the Emergency Liquidity Assistance (ELA) mechanism which is more expensive until Athens abides by the terms of the bailout.
Despite the increasing pressure, Greek officials assured that Greece has alternative ways to address the challenges in coming weeks, meet its financial obligations and avoid a cash crunch.
"A credit event in March must be excluded. We will go to the March 9 Euro group meeting with a first package of reforms and we will put the issue of a smooth funding of the economy by June on the table," Greek Economy, Infrastructure, Shipping and Tourism Minister George Stathakis said during an interview with a Greek radio on Thursday.
