ECB's Coeure out with Greece now as his subject matter

  • Greek aid plan has right mix of fiscal measures
  • grateful for "good spirit" of new Greek fin min

Another slap across the face with a wet kipper for Varoufakis

  • Greek bank recap should take place as soon as possible
  • bank supervisors need a few weeks for assessment
  • Greek reforms must be implemented in full

You mean they haven't been able to assess in the last 6 months?

  • little scope to relax capital controls before recap
  • ECB hasn't yet discussed resuming Greek waiver
  • ECB assumes euro membership is irreversible

Assumes ?

On China:

  • he trusts China not to use fx rate as a policy tool