If this were a submarine drama like, say, Wolfgang Petersen’s epic “Das Boot”, then we’d be at that point where the crippled sub is lying silently on the seabed, creaking ominously under the pressure of the water while the mechanics try to effect that miracle rescue.
Every one of those creaks could be the herald of catastrophic hull loss. But, as I outlined yesterday, the director of this movie has plenty for potential for more twists and turns before the final dénouement.
Today’s loudest creak comes courtesy of Bloomberg, which reported that the ECB is reviewing the amount of money it’s willing to lend against collateral issued or guaranteed by the Greek state (so called Emergency Liquidity Assistance): a fine point of detail, but an important one, as it’s this form of refinancing that fills the marginal gap in Greece’s banks balance sheets. In layman’s terms, it’s what…
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