Bravo to the ECB for drawing a line on what collateral it won't accept (defaulted bonds), but...

|By:, SA News Editor

Bravo to the ECB for drawing a line on what collateral it won't accept (defaulted bonds), but don't think central bank funding of Greek paper is finished. National central banks - through the ELA program - are allowed to accept collateral the ECB won't, meaning Greek banks (and French too) can continue to fund their defaulted sovereign holdings.