ECB Pulls The Trigger: Blocks Funding To Greece

Tyler Durden's picture


Just what the market had hoped would not happen…

  • *ECB SAYS IT LIFTS WAIVER ON GREEK GOVERNMENT DEBT AS COLLATERAL
  • *ECB SAYS IT CAN’T ASSUME SUCCESSFUL CONCLUSION OF GREECE REVIEW

What this means simply is that since Greek banks are now unable to pledge Greek bonds as collateral and fund themselves, and liquidity is about to evaporate, the ECB has effectively just given a green light for Greek bank runs, as suddenly it has removed, both mathematically but worse politically, a key support pillar from underneath the already bailed out Greek banking system, (or merely a negotiating move to let Greece see just what kind of chaos this will create ahead of the big D-Day on Feb 25th when ELA could be withdrawn).
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Greece Just Killed the "Troika"

Updates:

Original article:
“Nigel Farage commonly used “troika” to explain how the Greek government was run after the euro crisis in Greece. Farage pronounced “troika” as a derogatory term to refer to a “dictatorship” that is composed of a member of the International Monetary Fund, European Central Bank, and European Commission that “flies into Athens Airport and tells what the Greeks can or can not do.” [Wikipedia]
Greece, under the Syriza administration, is keeping its campaign promise of not taking any more bailout funds from the Union nor fully cooperating with it, effectively destroying the Union itself.
No less than Eurogroup chief Jeroen Dijsselbloem admitted this to be a fact.
Spaniards may be navigating g on the same track.
It is interesting to note that while Germany is threatening Greece about further “haircut”, or that the latter could be facing shortage of paper money soon, Russia is offering to bail Greece out should it decide to ask for it.
All of these mind-blowing events are happening within the first week only of Syriza Party”s hold on the Greek government.  Yanis Varoufakis, the new finance minister, is also a blogger.
Watch the BBC interview on Yanis Varoufakis, too.  It’s pretty clear the Cabal journalist is having a hard time.
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