Greece: European Central Bank shocked investors – stock market collapses – SPIEGEL ONLINE

Greece: European Central Bank shocked investors – stock market collapses – SPIEGEL ONLINE

Frankfurt – The brash appearance of the new Greek government has launched the European Central Bank to a far-reaching step: From 11 February to accept Greek government bonds no longer as security for a new central bank money. Investors now fear an escalation of the financial crisis in Greece is about.

Athens at the exchange rustled the leading index ATG by more than nine percent into the red, in the late morning he was still with five percent in the red. The banking index broke in the meantime a more than 23 percent. At the same time, the risk premiums on government bonds soared: The yield on Greek bonds with ten-year maturity rose to eleven percent. Also, Spanish and Italian government bonds with a ten-year term came under pressure.

In response, many investors relied on government bonds. According to traders, investors want to play it safe and reduce their holdings of southern European government securities in favor of German bonds.

Euro price came under pressure at times, then recovered, however, after he sometimes had only recorded shortly after the ECB’s decision just 1.13 dollars.

ECB increases the pressure

politicians and central bankers in Greece strove to appease investors. “The ECB’s decision will not affect the stability and liquidity of the Greek banking system have,” the Reuters news agency quoted a representative of the Greek central bank.

Also, the government in Athens assured that the institutions are not in danger because they could access liquidity support the domestic central bank. In fact, the financial institutions, these aids may soon need to get reinforced. A government official said in Athens that the ECB has raised the ceiling for emergency funding to ten billion euros. “The liquidity of Greek banks is therefore being backed up, but at a higher cost,” explained analysts at Commerzbank. For in the emergency financing did not apply the base rate of 0.05 percent.

The Dax concer ns about Greece were overlaid with good news. Thus, the German industry recorded a high order. The German benchmark was after the start of trading only slightly.

Analyst Robert Halver of the Baader Bank said despite pressure from the ECB on Greece there is only limited concern for the financial markets. “This see through the game,” he said. Since the ECB after all the arrangements for emergency loans was maintaining, could not be expected “immediate meltdown of the Greek banks” field. “It’s a poker game,” Halver said. In a concession to the ECB, the Greeks should probably hope if they were to offer something, so tax collection and the fight against corruption.