February 20, 2015 / 9:06 PM / 4 years ago

ECB rules out Greek capital controls after bailout extension

BRUSSELS (Reuters) - The European Central Bank said there would be no need now for Greece to impose capital controls following Friday’s agreement with its international creditors to extend its bailout program.

“Capital controls are out of the question,” an ECB source said.

The source added that the bank’s governing council was ready to reintroduce a waiver for Greek collateral when necessary steps were taken for the extension of the bailout and the bank decided that there was a “great likelihood” that Greece would achieve a “positive conclusion” to its rescue program.

The ECB stopped accepting Greek government bonds as security for direct funding from the central bank because the new Greek government had said it wanted to end the bailout arrangements.

Reporting by Alastair Macdonald

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