05-02-15

ECB: No-confidence vote

ECB president Mario Draghi announced that the ECB will no longer accept Greek sovereign bonds as collateral for refinancing operations of banks at the ECB

© European Central Bank

Just shortly after the visit of Greek finance minister Varoufakis, ECB president Mario Draghi announced that the ECB will no longer accept Greek sovereign bonds as collateral for refinancing operations of banks at the ECB starting February 12, 2015.

cep-finance expert Bert Van Roosebeke sees this as a clear vote of no-confidence by the ECB against the Greek government. "After days of increasingly abstruse proposals for funding the Greek sovereign debt by third parties, the ECB seems to have lost its patience. The ECB shows very clearly that it does not want to be caught up in the political dispute between the Euro group and the Greek government."