We think this means the ECB doesn’t want Greece to end up defaulting.
In the old days of course, the jargon was “to reaffirm their inflexible determination to honour fully their own individual sovereign signature.”
Meanwhile, plenty more euphemisms in the IMF and Eurogroup responses to Greece’s earlier reform letter…
Update – Actually, as noted in comments below, there’s another “payment culture” the ECB would be taking an interest in here: Greek banks.
One casualty of the reform letter, after all, is a law Syriza had proposed to protect primary residences from foreclosure. It’s been replaced with a suitable vague commitment “to avoid, in the forthcoming period, auctions of the main residence of households below a certain income threshold, while punishing strategic defaulters”. This is all while promoting a (yes) “strong payments culture” but it’s a bit of a fudge.
That would explain the ECB’s concern. Actually passing the law against foreclosures was seen as a nuclear issue for the ECB continuing to allow ELA to Greek banks while talks with the Troika were still going on; ELA relied on a figleaf of solvency which would have been thereby threatened.
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