Draghi urges Greece to meet its debt obligations – The Wall Street Journal Americas

FRANKFURT (Dow Jones) -The president of the European Central Bank, Mario Draghi on Monday urged Greece to commit to fully meet its debt obligations.

In a speech to the European Parliament, Draghi also asked the Greek Government to concrete in what areas of economic and fiscal reforms agreed with its international creditors and, if not agree that These reforms provide concrete alternatives.

At that same hearing, Draghi said the ECB will continue to purchase large amounts of public and private debt for at least 18 months and until it is convinced that inflation will stabilize at an annual rate of 2 %, highlighting the willingness of the central bank to flood eurozone new money long term.

Draghi’s testimony comes two weeks after the ECB to put in

place a program of purchases of more than 1 billion euros (trillion) in debt bonds especially soberana- until September 2016. The objective of the program, known as quantitative easing, inflation is accelerating to about 2% target of the ECB. The company has announced it will buy debt at a monthly rate of 60,000 million euros and purchases could be extended beyond September next year.