This content is not available in your region

'It's urgent': Mario Draghi warns Greece to act over finances

Access to the comments Comments
By Euronews
'It's urgent': Mario Draghi warns Greece to act over finances

Greece has been warned by the European Central Bank president that it needs to do more urgently to sort out its finances.

It comes amid mounting frustration over Athens’ attempts to solve its problems.

It has already been set a deadline of a meeting of eurozone finance ministers in mid-May to agree new economic reforms or face possible default.

Now Mario Draghi says despite some recent progress, the Greek government has to act.

“More work, I say much more work is needed now. And it’s urgent,” the ECB president said. “In general, a strong policy package that produces growth, fairness, fiscal sustainability and financial stability. These are the four objectives of this policy package. To get to that, we need to have a strong policy process, policy dialogue in place.”

Draghi called for detailed talks aimed at resolving Greece’s debt problems to be resumed. He also said the eurozone was better prepared than in the past to deal with a new Greek debt crisis, but warned of “uncharted waters” if the crisis were to deteriorate.

Russia has denied reported claims by the ruling Greek Syriza party that a deal is about to be signed to extend the “Turkish Stream” gas pipeline to Greece.

The Kremlin said no-one had asked Moscow for help. Its spokesman denied reports that Greek Prime Minister Alexis Tsipras had discussed the pipeline with Vladimir Putin when the two leaders met earlier this month.

Athens is desperately trying to come up with proposals to secure funds from creditors.

Greek media reports say officials have been reaching out to China and Russia in an effort to borrow 15 billion euros to avoid default.

It has had to perform a U-turn over promises to halt a series of planned privatisations.

Plans to sell off the port of Piraeus to China, which the new government wanted to renegotiate, are expected to go ahead.