FRANKFURT Nov 8 The European Central Bank is
unlikely to help Greece much further in its bailout because it
is prohibited from providing direct aid, ECB President Mario
Draghi said on Thursday.
"The ECB is by and large done," he said told his monthly
news conference when asked about what the bank could do for
The euro zone is grappling to find a formula to make Greek
debt sustainable, with Germany and the International Monetary
Fund at odds over the need for governments and the ECB to take a
"haircut" on Greek bonds they hold to make the numbers add up.
The ECB has refused to take such a hit on its Greek bonds,
saying this would be "monetary financing" which it is prohibited
The bank agreed earlier this year to hand over via
governments any profits on its Greek bonds made during Greece's
3-year bailout package -- an amount that would add up to roughly
5 billion euros.
But there remains the possibility of handing over profits
beyond that timeframe as well in a similar fashion.
The total stands at around 12 to 15 billion euros and would
be passed to national central banks, which in turn will pass it
to their governments. They can then pass it to Athens.
"It's up to the governments to decide whether they want to
use these profits for Greece," he said.