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2015-03-26

Greece is expected to run out of cash as soon as April 9 - ECB höjer Emergency Liquidity Assistance till grekiska banker till €71.3bn, cirka 664 miljarder kr.

when a repayment on a bailout loan is due to the International Monetary Fund.
Athens’ hope that it could alleviate a mounting cash crisis by seeking the return of €1.2bn in disputed funds from its bank rescue were dashed when the government was informed /by EU/ it had no legal claim on the money.

Meanwhile, the ECB raised the threshold of emergency loans the Bank of Greece can provide to the country’s banks by €1.5bn, according to an Athens-based banker.


The ECB upped the limit on Emergency Liquidity Assistance to €71.3bn following a conference call between the governing council of national central bank governors and top ECB officials on Wednesday.


Financial Times 25 March 2015

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Missteps and miscalculations that could cost Greece the euro
Mohamed El-Erian, Financial Times 25 March 2015

Despite having lots of the economic logic on their side, the newly-elected Greek government is slipping further behind in its goal of restoring economic dynamism, jobs and financial viability. As a result, both Greece and its European partners risk losing control of the one thing they seem to unanimously agree on — namely, maintaining the country within the eurozone.

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Not for the first time, Europeans are deluding themselves.

In Berlin, it is believed that Europe’s currency union is now sufficiently well bullet proofed to withstand a Greek default, and even exit, with only a bare minimum of adverse consequences for everyone else. 

A similarly naïve mind-set rules in Athens, where it is believed that Greece can both default and still remain in the euro.

Both positions are fantasy, and therefore greatly increase the chances of disastrous mishap. 

Europe is once again sleep walking towards the abyss

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Mer här om Bank Run i Grekland

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