It will affect the probability of reaching an agreement between Greece and other euro area countries.
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“Nothing else is relevant for us”, he told a news conference following a speech.
The European Central Bank’s governing council on Wednesday decided not to increase the liquidity lifeline to cash-strapped Greek banks, a Greek banking source said.
In the referendum, Greeks will say whether they are in favor of a cash-for-reforms proposal from Athens’ worldwide creditors – now expired – which the government is urging voters to reject.
The stress tests would need to incorporate derivative positions and shadow banks’ exposure to liquidity shocks, which would help give a more complete picture of the resilience of the financial system as a whole, he said.
But he stressed that the European Central Bank can cushion any fallout from developments in Greece. The only problem is, they should have done this months ago as the capital flight has been massive, the “poor poverty stricken’ Greeks transferred 180 billion euros out of the banks already since the election of anti-austerity party Syriza..”
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Depositors with over 8,000 euros (S$11,980) in the bank may be made to take a “haircut” similar to those taken by Cypriot account holders in 2013, when uninsured funds were seized to stabilise the financial sector, the FT said, quoting bankers and businessmen close to negotiations. That could have turned public opinion against the euro ahead of the referendum.
