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15.06.2015 14:57

European Central Bank President Mario Draghi: a "strong and comprehensive agreement" between Greece and its creditors is needed as soon as possible

European Central Bank (ECB) President Mario Draghi said on Monday before the European Parliament's Economic and Monetary Affair's Committee that the ball lies in Athens' court to act. He noted that a "strong and comprehensive agreement" between Greece and its creditors was needed as soon as possible.

Draghi pointed out that emergency funding for Greek banks will be extended "as long as Greek banks are solvent and have sufficient collateral". He also said that the ECB provides €118 billion in funds to Greek banks, equivalent to 66% of Greece's gross domestic product (GDP).

The ECB president noted that Eurozone's economy continued to recover moderately, while inflation is expected to remain low in the coming months before rising.

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