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6 Feb 2015
Developments in Greece continue to develop around the script of brinkmanship – BBH
FXStreet (Barcelona) - The Brown Brothers Harriman Team comments on the recent developments between Greece and Germany.
Key Quotes
“The ECB's decision to no longer accept Greek government bonds or state- guaranteed paper, but approving Emergency Lending Assistance (ELA) by the national central bank remains a key talking point today.”
“But after the ECB’s announcement, reports surfaced that the institution was split about the decision to restrict the use of Greek debt as collateral.”
“According to the ECB’s rotation schedule, several members that would likely be against the measure – such as Greece, Cyprus, Ireland and France – were not voting.”
“Separately, negotiations between German Finance Minister Schaeuble with his Greek counterpart Varoufakis yielded little in terms of compromise, as the colorful exchange between the two made clear. “We agreed to disagree” Schaeuble said after meeting. “We didn’t even agree to disagree from where I’m standing,” the Greek responded.”
Key Quotes
“The ECB's decision to no longer accept Greek government bonds or state- guaranteed paper, but approving Emergency Lending Assistance (ELA) by the national central bank remains a key talking point today.”
“But after the ECB’s announcement, reports surfaced that the institution was split about the decision to restrict the use of Greek debt as collateral.”
“According to the ECB’s rotation schedule, several members that would likely be against the measure – such as Greece, Cyprus, Ireland and France – were not voting.”
“Separately, negotiations between German Finance Minister Schaeuble with his Greek counterpart Varoufakis yielded little in terms of compromise, as the colorful exchange between the two made clear. “We agreed to disagree” Schaeuble said after meeting. “We didn’t even agree to disagree from where I’m standing,” the Greek responded.”