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overtheedge
Member since May 2012
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ECB Cancels Greek Bank Funding; ECB vs. Novices; Brass Knuckles - Mish - Global Economic Analysis

If the Greeks should select what is behind door #3, then maybe the Greeks aren't the only ones that should put their money in their pockets rather than leave it stashed at the bank.

Consider the paraphrased "Laws of Thermodynamics" that oddly enough pertain to just about everything.
Everything is connected to everything.
Everything has to go somewhere.
There ain't no such thing as a free lunch.

How do you spell counter-party risk in an economic environment where more money is gambled in derivatives than exists in all the banks of the world?
How fast can a bank close its teller windows and ATMs when bad news travels at the speed of light?
Welcome to the future.

Commented 3366 days ago

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Beginning of the headline :It's difficult keeping up with the news. As soon as I finished Germany's "Time Pressure" Thesis; Noose Tightens on Europe, significant news on the debt standoff hit. ECB Cancels Acceptance of Greek Bonds as Collateral An ECB press release today discusses Eligibility of Greek bonds used as collateral in Eurosystem monetary policy operations. In a nutshell, the ECB unexpectedly and suddenly canceled acceptance of Greek bonds as collateral for liquidity funding unless Greece honors the exist... Read More

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