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Greece Will Call On Additional Rescue Funds In 30 Days
5 february 2015

Ever needy, ever hungry. (IMAGE: pinterest post)

With the announcement Wednesday that the European Central Bank had lifted the waiver that European member banks have had when being bailed out to use their sovereign bonds as collateral for bailout loans, shrieks ensued.

Typically, since Greece has been downgraded to junk bond status, they would not typically be eligible for the infusion of money--but since they were deemed to be in compliance with their ECB bailout plan, they assumed they would be granted waiver from this ineligibility.

Yesterday, the ECB threw down the gauntlet and lifted that waiver and sent Greece into a gurgling swirl down towards the final drain and into catastrophe. Today, the ECB suddenly decided that they had reduced their exposure to Greek bonds to a sufficient degree and had access to enough investment grade assets whereby they could provide the emergency cash infusion to the Greek banks.

60 Billion euros will soon be headed directly into Greek banks to keep them fluid and operational.

Whether or not this will result in any forward progress for the Greek economy and push them in any fashion towards recovery is debatable.

Let's see what you've got folks--whip out your tarot cards and read the EU zone!

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Greece Will Call On Additional Rescue Funds In 30 Days

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