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ECB ups the pressure on Greece and its promises to renegotiate its debt


Greece

ECB ups the pressure on Greece and its promises to renegotiate its debt

Pressure is growing on Greece and it finance minister to toe the line and stick to its financial commitments.

The European Central Bank on Wednesday brought forward a ban on the debt-stricken country using its bonds as collateral for cash.

It means that a waiver that allowed Greece to swap its junk-related debt for money will now expire on February 11, weeks earlier that the previous deadline of February 28.

Greek banks will still have access to funds through the ECB’s emergency lending programme but even here there are moves to tighten up conditions for access to that financial mechanism.

The immediate effect of the ECB’s move was the euro fell against the dollar as investors suspect Greece will have little room to manoeuvre in its much heralded plans to renegotiate the terms of its 240 billion euro bailout.

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