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European Central Bank president Mario Draghi is testifying before a European Parliament committee.
Key highlights on Greece -
- Draghi reiterated that European Central Bank is a rule based organization, so whatever its approach has been towards monetary policy and Greece it has been rule based so far and will continue to do so. So ECB has provided support for Greek financial system so far, which as of now stands at € 118 billion. Emergency lending assistance alone stands at € 83 billion.
- ECB might provide advisory services to the adjustment program however the decision to whether or not release the remaining fund lies with Euro group.
- Strong and credible agreement is not only in the interest of Greece but the Euro area as a whole.
- According to Draghi, ball lies squarely in Greek camp who now needs to move ahead and take the necessary action.
Euro remains stuck between Deal or No Deal, trading in tight range of 1.118 - 1.126 against dollar. Though range remained tight, implied volatility on 1 month options have reached highest level since 2011.
