The European Central Bank (ECB) is the Greek banks a yellow card, for the time being but no red. The emergency loans for the ailing institutions are maintained by a decision of the Governing Council. However, the volume will be frozen at the level of Friday.
The huge cash-outflows of the weekend so do not be offset by new central bank loans. Thus, the pressure on the Greek government, in turn, to do something to stabilize the banks -. About by capital controls, which limit the flows
Previously, a lot about been speculated whether the ECB should stop financing the Greek banks altogether. For the financial institutions of the country holding high stocks of government bonds of the government in Athens. This would be worthless if the state is sliding into a bankruptcy. Such a scenario has become more likely after the euro-zone countries had decided on Saturday not to extend the expired on Tuesday support program for Greece.
ECB wants to avoid chaos
Nevertheless, dramatic steps by the Governing Council did not materialize for the time being. One must have the consequences for financial stability in view, it was in central bank circles. An immediate stop of the emergency loans would have to collapse on the other Greek banks from one day. Such chaos wants to obviously avoid. “The Governing Council will continue to work closely with the Greek central bank to maintain financial stability,” it said in a statement after the telephone conference of central bankers.
ECB chief Mario Draghi abstained any commentary on the political turmoil between Greece and the euro area countries. Instead, he stressed in his one-sentence statement, only the importance of stability: “We support the statement of the Member States in which it pledges to tackle the weaknesses of the economy in the euro area countries.”
Therefore, it remains for the time being this is that the Greek central bank must support the banks in the country with emergency loans of about 90 billion euros. The Governing Council could have stopped this by a veto. Higher haircuts on Greek government bonds, which have been pledged for these loans were not approved according to reports. This measure had been repeatedly discussed in the past few weeks.
Up to 700 million euros raised
But even the freezing of emergency loans is painful for the Greek banks. Given the extremely complex situation were their customers over the weekend in front of the ATM queue. On Saturday alone are between 600 and 700 million euros have been lifted – rather than the 30 million that are common for an entire weekend. For months, the ECB had those outflows offset by ever-increasing emergency loans. This is now closing
This means:. If open on Monday the switch back and forth clear the bank customers on a large scale accounts or transfer money abroad, threatened the banks insolvent. By refusing to provide additional funds, the ECB therefore especially a party in the debt dispute is under pressure: the Greek government
Cabinet and Parliament have in the hand to stabilize the banks by capital controls. Then transfers abroad would be impossible, also could be limited, must stand how much each customer per day in cash. To date, the Greek Government had such measures firmly rejected -. Much to the displeasure of many central bankers that it increasingly einsahen less to finance the capital flight from Greece with new central bank loans
Varoufakis rejects capital controls from
How does the government in Athens behaves now is unclear. When on Sunday afternoon circulated reports it is considering capital controls, Finance Minister Janis Varoufakis reacted promptly with a Tweet in which he reiterated his previous position, “capital controls in a monetary union are a contradiction in terms The Greek Government rejects the concept as such from..”
However, scheduled a meeting of the Greek Financial Stability Council for the afternoon. Quite possible that Varoufakis’ statement this time has a rather short half-life.
Either way is also the Governing Council’s decision only a snapshot. We’ll continue to monitor the situation closely in the eye, they said. This applies to possible unrest on the financial markets on Monday the central bank wants to respond “by all means within its mandate”.
And that is certainly true including the question of the solvency of Greece. At the latest when the Governing Council meets for its next regular meeting on Wednesday, will not be known whether Athens has repaid the overdue on Tuesday IMF loans of 1.6 billion euros. Until then, it would certainly be more teleconferences.
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