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Focus On U.S. Jobs, While Market Debates Details Of ECB's Move

The ECB's decision yesterday to no longer accept Greek government bonds or state- guaranteed paper, but approving Emergency Lending Assistance ((ELA)) by the national central bank remains a key talking point today. The timing of the decision, following the meeting between new Greek Finance Minister Varoufakis and Draghi but before Varoufakis met with German Finance Minister Schaeuble is particularly intriguing.

There is much speculation of who said what and how the vote at the ECB went (recall that in February, under the new voting regime, Greece, Cyprus, Ireland and France could not vote). However, as often is the case, there may be a simpler solution (Occam's Razor). Taking the ECB's statement at face value makes sense. Getting the Greek position from the horse's mouth so-to-speak, made it clear that Greece was persisting down a path of confrontation with the official creditors. The ECB's statement said in effect that one could… Read More …