ECB President Mario Draghi said in an interview with German newspaper Bild-Zeitung that Greece has to implement reforms approved by its Parliament to get out of the current severe fiscal and economic situation.

Draghi said In order for Greece to overcome the crisis, it needs stable political conditions.

He referred that Greek people has to accept lower standard of living while euro area has to avoid what he called a transfer zone which is large economies paying the bill of economies in a difficult economic situation.

In addition, he highlighted the importance of building confidence in fiscal integrity, stating that it would be too early for euro bonds.