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).
(Excerpt) Read more at foxbusiness.com ...
TOPICS: Foreign Affairs; Front Page News; News/Current Events; Politics/Elections
KEYWORDS: banls; ecb; euro; greece
The beginning of the beginning is over, folks...
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.
posted on 05/16/2012 8:55:33 AM PDT
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.
posted on 05/16/2012 8:57:31 AM PDT
To: mojito; blam; Travis McGee
Here we go. BTW here's a pic of the Greek Ministry of Finance office in Athens courtesy of Zero Hedge. Somehow I don't think the calls from those banks are going to get returned anytime soon:
Best of luck to all.
posted on 05/16/2012 9:00:18 AM PDT
(Violence is rarely the answer. But when it is it is the only answer.)
To: bruinbirdman; SAJ
posted on 05/16/2012 9:04:12 AM PDT
by Army Air Corps
(Four Fried Chickens and a Coke)
To: Army Air Corps
Look, Greece would be long gone fr/Euro, with EMU's bootprint all over its butt, RIGHT NOW, except for one small detail; EU (and some US) banks are going to take a ferocious hit to their Tier I capital if Greece goes.
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).
posted on 05/16/2012 10:13:16 AM PDT
(What is the next tagline some overweening mod will censor?)
To: SAJ; Army Air Corps
". . . a huge game of "let's pretend that Greece is solvent as long as we can", . . ."
"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:
New Documents Shine Light on Euro Birth Defects
posted on 05/16/2012 1:28:58 PM PDT
("Those who control language control minds." -- Ayn Rand)
Opinions posted on Free Republic are those of the individual
posters and do not necessarily represent the opinion of Free Republic or its
management. All materials posted herein are protected by copyright law and the
exemption for fair use of copyrighted works.
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson