Mario Draghi

Greek banks are making plans for the period after Greece's exit from the bailout program, when they will no longer have access to a supply of cheap cash from the European Central Bank, so they are instead seeking liquidity through various alternative means outside the Eurosystem.

The government's objective of returning to capital markets is becoming increasingly distant, following the official decision by the president of the European Central Bank, Mario Draghi, to rule out Greece's entry into the ECB's quantitative easing (QE) program.

European Central Bank President Mario Draghi on Thursday put a definitive end to any hopes of Greece's inclusion in the bond-buying program (QE) and the extension of the waiver that allows Greek debt to be accepted as collateral for regular auctions of ECB cash, despite the junk rating of Greek bonds.

Maintaining the eligibility of Greek bonds as collateral for European Central Bank liquidity and their inclusion in the ECB's bond-buying program (QE) would be an important catalyst for the improvement of the Greek bond market and investors' attitude toward Greece, market insiders stress.

European Central Bank President Mario Draghi on Monday lowered expectations that Greece could participate in the central bank's quantitative easing program (QE) after its adjustment program expires in August, saying a debt sustainability analysis will need to be completed before the country's bonds are included.

The President of the European Central Bank welcomed on Friday a deal reached by eurozone finance ministers on new debt relief for Greece and said the measures will improve the sustainability of the Greek debt "in the medium term".

Chancellor Angela Merkel declined to say on Monday whether she favoured a German becoming the next president of the European Central Bank after incumbent Mario Draghi's term ends in 2019, Reuters.

Eurogroup President Mario Centeno told the European Parliament on Wednesday that Greece ought to assess and utilize all the mechanisms and tools at its disposal, thereby retabling the precautionary line of credit, as this is one of the instruments available.

Two interventions by European Central Bank President Mario Draghi at Monday's Eurogroup touched a nerve with Finance Minister Euclid Tsakalotos, provoking a rare strong response by the Greek official.

Next year will be crucial for the future of Europe as three major institutions will see major change.

It will be the first time that a new head of the European Central Bank will be selected, a new European Commission be appointed and elections be held for the European Parliament in the same year, Enrico Letta, former prime minister of Italy, noted on Thursday.