FT: There has been no official announcement. No terms or conditions have been disclosed. But Greece's banking system is being propped up by an estimated €100bn or so of emergency liquidity provided by the country's central bank - approved secretly by ECB in Frankfurt. If Greece were to leave the eurozone, the immediate cause might be an ECB decision to pull the plug. Extensive use of "emergency liquidity assistance" (ELA) to help banks in the weakest economies has been one of the less-noticed features of the eurozone crisis
Last week, the ECB council excluded four Greek banks from ordinary liquidity operations - forcing them to fall back on ELA. But where would the council draw the line? ECB Mario Draghi would probably seek political cover before Greek ELA was withdrawn.
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ahh horse crap, i thought they (ECB) said they were going to help Greece even if they default... I might have been real high and made that up though....
Last week, the ECB council excluded four Greek banks from ordinary liquidity operations - forcing them to fall back on ELA. But where would the council draw the line? ECB Mario Draghi would probably seek political cover before Greek ELA was withdrawn.
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ahh horse crap, i thought they (ECB) said they were going to help Greece even if they default... I might have been real high and made that up though....
