The European Central Bank’s decision to stop accepting Greek bonds as collateral has been interpreted as an attempt to pressure the Greek government into accepting the continuation of the existing agreements and austerity policy.
After returning to Athens from Paris, Prime Minister Alexis Tsipras was contacted by ECB chief Mario Draghi, who informed him of his decision, which does not affect the Greek banking system, in the sense that liquidity will be provided by the ELA.
The response to the ECB president was “the Hellenic Republic cannot be blackmailed”. The Ministry of Finances also issued a response to the European Central Bank’s decision:
This decision does not reflect any negative developments in the country’s financial sector and comes after two days of substantial stabilization. According to the European Central Bank (ECB), the Greek banking system remains adequately capitalized and fully protected through access to the ELA.
The European Central Bank (ECB) decision puts pressure on the Euro working group to proceed rapidly to conclude a new mutually beneficial agreement between Greece and its partners.
On a daily basis the government is widening its circle of consultation with partners and institutions to which it belongs, it remains unwavering in its goal of a social salvation program approved by the vote of the Greek people, and consults with a view to drawing up a European policy that will finally end the hitherto self-sustaining social crisis of the Greek economy.
