Central bank’s decision to maintain the €89bn life support supplies some oxygen to Greek banks, but no fresh funds made available A bank run, public holidays or closures and capital controls looked inevitable in Greece this week after the European Central Bank declined to increase its emergency financial lifeline to the Greek banks, cash that is keeping the country’s financial system functioning.With Greece holding a controversial referendum on its creditors’ terms for its bailout in less than a week and the eurozone deciding to terminate the bailout on Tuesday, the pressure was on Mario Draghi, the president of the ECB, to make the call as to whether Greece would sink or swim. Continue reading...
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