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2015-02-03

Spänningen är olidlig. Kommer ECB att knäcka de grekiska bankerna? Ambrose vs. Peston

The biggest threat is that the European Central Bank ceases to fund Greece's banks.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.

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.

Robert Peston, BBC economics editor, 2 February 2015

A central bank that is supposed to be the lender of last resort and guardian of financial stability would be taking a deliberate and calculated decision to destroy the Greek banking system. 

In reality, the ECB cannot easily act on this threat. 
They do not have the political authority or unanimous support to do so, and historians would tar and feather them if they did. 

Ambrose Evans-Pritchard 2 Feb 2015

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