Need for Greek bailout programme is 'urgent', warns Draghi
Mario Draghi has warned that the need for a Greek bailout programme is "urgent" and that the troubled economy would plunge into "uncharted territory" should it be allowed to default.
Speaking at the World Bank spring meeting of the International Monetary Fund (IMF), the European Central Bank (ECB) president stressed that "much more work is needed now - and it's urgent".
As quoted by City AM, he said: "We all want Greece to succeed. The answer is in the hands of the Greek government."
The country's next repayments to the IMF of €200m and €770m are due on May 1st and May 12th, respectively. In the next month alone, its total repayments come to almost €4bn.
His warning comes after it was revealed the ECB was requesting a daily report from the country's high street lenders on how much money if being withdrawn by customers.
Greek officials have yet to submit a list of reforms that are satisfactory to foreign officials, but has been called upon to make another submission ahead of a meeting due to take place on Friday with European finance ministers.