Skip to comments.Report: ECB Halts Operations With Several Greek Banks
Posted on 05/16/2012 8:55:31 AM PDT by tcrlaf
The European Central Bank has stopped monetary policy operations with some Greek banks as they have not been successfully recapitalised, euro zone central bank sources said on Wednesday.
The ECB declined to comment.
The ECB only conducts its refinancing operations with solvent banks. With no access to ECB funds, the banks concerned must go to the Bank of Greece for emergency liquidity assistance (ELA).
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What happens from here on out is anyone's guess.
On the other hand, this could be a good summer for a Greek vacation on US Dollars, as long as you avoid the large cities rioting.
It’s officially over.
If the ECB won’t fund Greek banks, then Greece is out of the Euro.
The first domino has now fallen.
Best of luck to all.
This is just a huge game of "let's pretend that Greece is solvent as long as we can", no more and no less.
This is just the end of the regular season. The playoffs begin in well under 2 years when Spain hits the wall...and they've no way to **miss** the wall, as things stand now (and will continue to stand in future).
"The playoffs begin in well under 2 years when Spain hits the wall..."
Yet, it was Italy about whom the powers that created the Euro Zone were most concerned:
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