Greece, ECB: Letter from the President of the European Central Bank to the President of the Eurogroup

Read the letter here (tweeted by Peter Spiegel).

"I assume that it is clear that the basis for concluding the current review, and also for any future arrangements, will be the existing commitments in the current Memorandum of Understanding and the Memorandum of Economic and Financial Policies (MEFP). In this context we note that the commitments outlined by the authorities differ from existing programme commitments in a number of areas. In such cases, we will have to assess during the review whether measures which are not accepted by the authorities are replaced with measures of equal or better quality in terms of achieving the objectives of the programme.

I would also again urge the Greek authorities to act swiftly to stabilise the payment culture and refrain from any unilateral action to the contrary. "