Athens won't get extra time to pay off debt, Draghi

European Central Bank chief Mario Draghi said Greece would not get extra time to pay off its debt, calling an extension "tantamount to monetary financing". The European Central Bank is ready to launch its bond-buying progamme if it is requested by countries who agree to set conditions, ECB President Mario Draghi said Thursday as Brussels and Madrid were negotiating a possible bailout for Spain. European Central Bank chief Mario Draghi added that the ECB did not discuss lowering interest rates in coming months. Analysts have expected the ECB to cut rates below historic lows once its bond-purchase program goes into effect. On Thursday it kept the benchmark rate unchanged at 0.75%.