Greek Proposals Show ‘Real Will’ for Agreement: Trichet

Former European Central Bank President Jean-Claude Trichet said Friday negotiators must remain cautious throughout discussions with Greece on its bailout, but the latest moves by Athens show the drama could end “fortunately.”

“The new proposals that are made by the Greek government are demonstrating a real will to have an agreement,” he told CNBC’s “Squawk Box.” “We will see. I remain very, very prudent myself, but clearly we have something which is very different from what was the position at the moment of the referendum.”

Trichet, who was ECB president from 2003 to 2011, signed off on Greece’s bailout packages in 2010 and 2011.

He stressed that trust is still an issue, saying it remains a question among Europeans and the international community whether the most recently submitted program will be implemented after Greece has changed positions in the past.

“What makes me reasonably confident—reasonably confident, but prudent—is that the people of Greece clearly demonstrated that they didn’t want to leave the euro, that they understood that they had to remain in Europe, in the euro area as well,” he said.

“That was clearly the results of the referendum, because the ‘no’ vote paradoxically meant in the presentation of the government ‘yes’ to Europe, ‘yes’ to the euro, but we want to have a negotiation which would be as tough as possible.”

Greeks now realize they must present a credible plan to Europe and the rest of the world, he said.


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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.