Greece needs debt relief deal on June 15, ECB’s Coeure says

Greece's massive debt pile is undermining confidence so European officials need to reach a deal on June 15 to cut it and kick-start the only economy in the eurozone still contracting, European Central Bank board member Benoit Coeure has said.

"Discussions are ongoing, but in my view it is important that an agreement is reached at the Eurogroup meeting on 15 June," Coeure told a conference.

"Being sufficiently clear on the measures today would help frontload many of the beneficial effects, in particular the rebuilding of confidence of both the international and domestic community in the ability of the Greek economy to return to a path of normality and stability," Coeure said.

He added that only if these measures were sufficiently clear would the ECB consider including Greek debt in its 2.3 trillion euro asset purchase program.

[Reuters]