Skip to comments.Greece debt crisis: ECB 'to end' bank emergency lending
Posted on 06/28/2015 4:54:27 AM PDT by GunningForTheBuddha
The European Central Bank is expected to end emergency lending to Greece's banks on Sunday, the BBC understands.
Well-placed sources told BBC economics editor Robert Peston a decision to end the Emergency Liquidity Assistance (ELA) would be made by the ECB's governing council later on Sunday.
Greek banks depend on ELA.
Cutting the lifeline could push Greece out of the euro. Some analysts have tweeted that the ECB is likely to cap, but not end, the ELA.
(Excerpt) Read more at bbc.com ...
This will probably soon happen to Spain, Italy, Portugal, and France (and in some respects is taking place already).
A lot of this reminds me of my father telling me that he had a couple of co-workers back in the 1970s who had emigrated to Canada from Communist Poland. They told him and anybody else willing to listen (and this was before Reagan, Thatcher, Pope John Paul II, and Lech Walesa) that the Soviet Union and East Bloc were going to collapse and die because of its contradictions and serious financial and economic problems so evident even at that time. Most production was taken from the satellites just to keep Moscow propped up.
I think often of things like this whenever I read sanctimonious pronouncements about European social democratic governments as the same sort of thing is taking place there and in North America with California, Detroit, Quebec, Ontario and elsewhere run by corrupt, incompetent liberalism.
I’ll gladly pay you Tuesday for a Gyro today.
A gyro in Greece is not like a gyro in the US. I found out the nasty disgusting way.
Disclaimer: 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.