Den europæiske centralbank, ECB, har smækket pengeklaxsse i for yderligere likviditets indskud i de græske banker, som ses løbe tør for Euro på onsdag eller torsdag. Spørgsmål: Vil der opstå sociale uroligheder, hvis den græske befolkning ikke har adgang til penge fra bankerne?
Moments ago Bloomberg leaked that the ECB will not get involved and will neither hike nor cut the ELA collateral, knowing full well the continuation of the status quo is a countdown to total financial sector collapse for Greece.
- ECB SAID TO SEE GREECE COPING TO WEDNESDAY WITHOUT MORE BANK AID
More from Bloomberg:
The European Central Bank reckons Greece’s financial system can survive until at least after Tuesday’s summit of European leaders without an injection of extra liquidity, people familiar with the matter said.
The Governing Council may consider keeping the existing 88.6 billion-euro ($98.1 billion) assistance in place long enough to judge if Greece and its creditors can come any closer to agreeing on the country’s debt financing, the people said. The council is due to hold a conference call at 6 p.m. Frankfurt time on Monday, said the people, asking not to be named as the matter isn’t public. An ECB spokesman declined to comment.
The ECB may consider evidence of how political discussions are progressing, including a call of euro-region officials taking place before governors are due to talk, one of the people said. The ECB’s bank-supervision arm is scheduled to hold a telephone conference after the Governing Council call, another person said.
Promptly followed by the logical:
- GREECE EXTENDS BANK HOLIDAY, CAPITAL CONTROLS TO WEDNESDAY
Why Wednesday?
Because as Colin Lancaster, senior managing director with Balyasny, told Bloomberg earlier today, the Greek voters’ rejection of international bailout “sharply increases” probability of euro area exit.
That was not news. What was news is his estimation of what happens in the next few days: “We now have another 48 hours of calm before things really start happening”, and the punchline: “situation could then break down as banks stay closed, ATMs will run out of cash Tuesday or Wednesday, uncertainty grows and rioting possible.”
But don’t worry: social unrest in Greece is bullish because according to the Balyasny MD, a “Fed September rate cut probably off the table” which in a world where fake markets indicative of fake confidence in artificial asset values is all that matters.
And while we hope that his forecast is completely inaccurate, recall what people “on the ground” said a week ago: The Mood On The Ground In Greece: “Some Have Raised The Prospect Of Civil War.”
