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New ECB member Jens Weidmann backs up Jean-Claude Trichet and Juergen Stark in saying the bank...

New ECB member Jens Weidmann backs up Jean-Claude Trichet and Juergen Stark in saying the bank will no longer accept Greek paper as collateral should even the most minor restructuring come to pass. The threat amounts to a nuclear option as the move would deny the Greek banking system most of its funding.
Comments (4)
  • Stoploss
    , contributor
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    The finns must have told the greeks to pack sand. Summertime excitement.
    20 May 2011, 10:45 AM Reply Like
  • kmi
    , contributor
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    So, does this mean that they are making, for all intents and purposes, restructure (organized default) equal to default (unintentional collapse)?

     

    Interesting.
    20 May 2011, 11:07 AM Reply Like
  • Stoploss
    , contributor
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    Norway stopped aid payments to Greece, because they won't play right, which pushes them closer to default. ECB says we won't loan you money on your paper if you even think of defaulting, ( to try to keep greece in the EU ). SSDD on the euro fail train.
    20 May 2011, 01:10 PM Reply Like
  • kmi
    , contributor
    Comments (4527) | Send Message
     
    Norway stopped grants to Greece because Greece wasn't providing enough of its own equity into projects, I doubt that Norway's actions will significantly impact Greece's already dire situation.
    20 May 2011, 01:18 PM Reply Like
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