The problem of those non-performing loans needs to be solved in an efficient manner, which will involve, among other things, an efficient insolvency framework and, where necessary, the sale of such loans to investors other than banks. Only then will we be able to ensure that the money we put into the banks is not lost.
Once this third programme has been agreed, can the capital controls be lifted? That is not for the ECB to decide. It is a matter for the Greek government. As long as there is uncertainty regarding the future of Greece’s banks, the government in Athens should tread very carefully.