Critical ECB meeting regarding the collateral of Greek banks

The European Central Bank board members will convene on Wednesday in order to discuss, among others, whether the…

The European Central Bank board members will convene on Wednesday in order to discuss, among others, whether the increase the discount applied on collateral offered by Greek banks.

Should the ECB decide to go through with this plan, then Greek banks would experience an 8-billion-euro drop in liquidity, thus putting them in a very difficult position. Averting such a development was discussed at Tuesday’s one-and-a-half-hour meeting in Frankfurt, between Yannis Dragasakis, Euclid Tsakalotos and Mario Draghi.

With the negotiations between Greece and the institutions still in progress, it has been estimated that the ECB will want to avoid such a measure, however it has been suggested that it may take such a decision, but decide to implement it at a “later time”, in order to put pressure on the Greek side, should the negotiations stall.

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