Implementation of Greek programme key to easing of cap controls

The implementation of the measures contained in Greece's bailout programme is key to a restoration of confidence in Greece and an easing of its capital controls, the European Central Bank's president has said in a letter to a European parliamentarian. "A timely and full implementation of the programme is the key condition for restoring confidence in the Greek economy, including its financial sector, and thereby for a further relaxation of capital controls," Mario Draghi said in the letter, published on Thursday.

He said the recapitalisation of banks represented a"cornerstone" in the authorities' efforts to win back depositor and investor confidence.

The European Central Bank's Single Supervisory Mechanism is currently assessing the capital needs of National Bank of Greece , Piraeus, Alpha Bank and Eurobank . Results are expected to be published on Oct. 31.

The Greek government imposed capital controls in June, and has relaxed them slightly since.