ATHENS (Sputnik) – Greek Creditors must solve the problem of Greece’s national debt, while the country must become a member of the European Central Bank’s (ECB) program of quantitative easing (QE), Prime Minister Alexis Tsipras said on Sunday.
Quantitative easing is an approach, in which a central bank purchases government securities and other securities from the market in order to lower the interest rates and increase the money supply in the market.
“Now the time for final decisions on debt has come … Greece has a right to join the ECB program of quantitative easing as soon as possible more than any other country from the Eurozone,” Tsipras said at the session of the Syriza party.
The Greek debt crisis erupted in 2010 with a number of austerity packages adopted by the parliament and several bailout payments provided by the European Commission, the ECB and the International Monetary Fund (IMF). The loans, however, only resulted in increasing country’s debt.
