ECB continued to take a pretty tough line on Greece: Capital Economics
Quotes from Capital Economics:- Draghi confirmed that the ECB had agreed for the Greek Central Bank to increase Emergency Liquidity Assistance from €68.3bn to €68.8bn. But this drip-feed of liquidity will do little to re…
- Draghi confirmed that the ECB had agreed for the Greek Central Bank to increase Emergency Liquidity Assistance from €68.3bn to €68.8bn. But this drip-feed of liquidity will do little to reinstate confidence in the banking system, particularly as they were already borrowing more than that from the ECB in Jan.
- He also stressed that the earlier waiver allowing banks to use Greek government bonds as collateral for cheaper ECB funding would not be reinstated until a list of reforms was agreed with the Eurogroup.
- Meanwhile, he indicated that he was unwilling to facilitate increased T-bill issuance by the Greek Government by upping the amount that banks can use as collateral for central bank funds. This, he hinted, would amount to illegal monetary financing.
- So the onus remains on the Greek Government to enact hugely controversial "reforms" to allow bailout payments to be resumed. It seems that only this will allow a disorderly default and euro exit to be avoided.
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