The cold shower came in the evening, after a day of meetings of the two main representatives of the new course greek with European summits: Varoufakis from Draghi, Tsipras to the EU. The European Central Bank puts enormous difficulties the government Tipras, removing the Greek banks access to normal liquidity auctions and judging the greek bailout program at risk. The ECB has decided to remove the exemption , introduced in 2010, which allowed the Greek banks to source liquidity providing to guarantee bonds. This was announced by the ECB itself in a statement after the board today. “The Governing Council – said in a statement published on the website of the ECB after today’s meeting of the governors – has decided to remove the exemption on the listed debt instruments issued or guaranteed by the Hellenic Republic.” The ECB itself explains that the derogation allowing the Greek government bonds were used in the operations of the Eurosystem monetary policy despite Greece no longer had a rating to investment level, but speculative. An exception obviously conditioned to the permanence of Greece in the rehabilitation program of the EU. With this decision made the ECB closes – not entirely, but asks precise rules – the taps that allowed banks Greek to have liquidity even in the face of a counterpart of government bonds without guarantees. Which may be reflected, even in the short, the ability to have money for payments from salaries and pensions. Just today the agency Bloomberg writes that, if not renewed its program for a new line of credit, Greece may not be able to meet its payments March 25 would be the quivalente of a default. At the same time, the ECB – whose president Mario Draghi this morning met with the Minister of Finance greek Yanis Varoufakis – makes a judgment on the new line anti-troika impressed by the newly installed government Tsipras: “Currently it is not possible to assume a conclusion positive review of the program of aid to Greece. “ According to the Ministry of Finance greek, the ECB has decided to put pressure on the Euro to reach an agreement that benefits both to Greece and its partners. And ‘This is the first official reaction of Athens to the decision to remove the Greek banks access to normal liquidity auctions. In a statement released shortly after midnight But the four main Greek banks, in front of the escape from the deposits in the weeks triggered pre-election, are already hanging on the emergency liquidity provided from Frankfurt via the ELA (emergency liquidity assistance), a mechanism must be approved by a majority of two-thirds and renovated once in every two weeks. Its use has already exceeded 40 billion euro, and just yesterday, among the topics under discussion at the ECB, included the request of the National Bank to increase by an additional 10 billion using the emergency facility. The ELA, supplied by the Greek National Bank, is then ratified by the governors of Frankfurt. Jens Weidmann, Bundesbank president, yesterday put in doubt the opportunity to continue to support the Greek banks. Today Varoufakis will be from German colleague Wolfgang Schaeuble. Then, the dossier Greece will be the focus of the Eurogroup in Brussels next week, right on the eve of the EU Council of 12 February.
Italian, the ministry directed by Yanis Varoufakis argues that the decision taken in Frankfurt is not the consequence of negative developments for the banking sector greek and was taken two days after its stabilization.
Athens adds that the banking system greek remains adequately capitalized and is totally protected through access ELA, the facility emergency supplied by Greek central bank.
- Arguments:
- Greece
- bce
- Starring:
- Tsipras
- dragons
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