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ECB Reportedly Mulls Quitting Troika Amid Greek Bailout Crisis

© AFP 2023 / DANIEL ROLANDThe EURO logo is pictured in front of the European Central Bank, ECB in Frankfurt/Main, central Germany, on November 6, 2014
The EURO logo is pictured in front of the European Central Bank, ECB in Frankfurt/Main, central Germany, on November 6, 2014 - Sputnik International
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The report comes after Athens announced an end to cooperation with the European Central Bank, the European Commission and the International Monetary Fund, arguing that the painful austerity program required by the lenders should be canceled and the debt reduced.

Alexis Tsipras, head of Greece's Syriza left-wing main opposition party - Sputnik International
Greek Politicians Tour Europe Seeking Support for New Debt Deal
MOSCOW (Sputnik) — The European Central Bank is exploring the possibility of quitting the "troika" of international lenders administering Greece's outstanding debt, the German business newspaper Handelsblatt said Tuesday.

The report comes after Athens announced an end to cooperation with the European Central Bank (ECB), the European Commission and the International Monetary Fund (IMF), arguing that the painful austerity program required by the lenders should be canceled and the debt reduced.

The newspaper cited a German party speaker in the European Parliament who proposed to turn the ECB into an advisory body, only going to the IMF for funds after all other resources have been exhausted.

European Commission President Jean-Claude Juncker addresses reporters as he arrives to attend a Eurogroup finance ministers meeting at the European Council in Brussels, on January 26, 2015 - Sputnik International
European Commission Plans to Find Alternative to Troika of Greek Creditors
The troika has overseen Greece's failed austerity and reform program, accepted by the country as a promise of good fiscal behavior, in exchange for a $146 billion loan in 2010. The 2008 global financial downturn was especially devastating to the Greek economy.

The newly elected Greek left-wing Syriza party promised an end to the austerity programs and a reduction of Greece's debt. German Chancellor Angela Merkel said last Saturday it was very unlikely that Greece would be able to renegotiate its debt, as the troika had already written off billions and were unlikely to agree to more.

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