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ECB's power of life or death over Greece
The biggest threat to an orderly resolution of Greece's new debt crisis is that the European Central Bank ceases to fund Greece's banks. And the ECB may well feel obliged to turn off the tap, since right now it is only financing those banks because the country is officially complying with the terms of its IMF and eurozone bailout. So at the moment that Greece was deemed not to be in compliance, it is difficult to see how the ECB could continue to provide emergency liquidity assistance to Greek banks. They would then be in dire straits. Without the ability to replace lost deposits with cash from the ECB, obtained via ... (full story)
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