The ECB should take a decision not to take – Financieele Dagblad (Registration)

The Greek crisis is approaching a new climax. The decision of Athens to a repayment to the IMF scroll to the end of June has surprised its lenders unpleasant. “I do not know which way it goes,” said an EU official in question, who earlier in the week after the summit in Berlin and Brussels showed cautiously optimistic

Further discussions were abandoned because Tsipras Friday night parliament wished to address. It is unclear when they will resume.

ECB, the IMF and the Eurogroup are willing to extend the July 1 expiring Greek aid program again and over € 20 billion to create free. But to allow parliamentary approval must be an agreement in mid-June. The amount is € 10.9 billion to the ECB as a supervisor may reserve to recapitalize banks. “The longer Tsipras stretched, the more is needed for this,” warns a person.

Non-payment would place ECB in an impossible situation

ECB allowed banks support only if the collateral is adequate

Meanwhile, ECB hopes that politics does what she needs to do

voltage at the ECB

Now there is no prospect of a solution, the issue will inevitably be discussed when the leaders of the G7 this weekend in the German Ellmau discuss the world economy, according to EU diplomats. Washington is worried about Greece.

Also within the ECB the pressure increases. No sooner was the fear of a departure from the Greeks so great. Last Wednesday at the informal dinner for monetary meeting of the ECB’s board again talked about nothing else.

Money is low

De conviction in Frankfurt is that the money in Athens is running out and there is a real danger that they are going to miss the (much larger) payment to the IMF late June or to the ECB in July . How great the danger is exactly, do not know the ECB. For the Greeks turn to frustration of the central bankers still unable – or unwilling -. Good grades on their financial situation to deliver

This also leads to tensions within the board of the ECB. It is also, after all, the president of the Bank of Greece, Yannis Stournaras. He should have the numbers. Stournaras, finance minister in the previous Greek government is caught between the Syriza government and his colleagues in Frankfurt.

Emergency Window close

Non-payment would put the ECB in an impossible situation. The central bank should support the Greek banks alone as long as they offer are solvent and adequate collateral. If the ELA counter of the Bank of Greece, where banks get emergency loans, is closed, the banks are likely to fall and is not to overlook the humanitarian catastrophe

How is the ECB going to affect this is not yet certain. Of adequate collateral is no longer in default. Nevertheless, the bank will make a decision as long as possible to try to put themselves out. The line at the ECB, as since the start of the crisis that in Brussels and Athens on the fate of the Greeks decided to be and not in Frankfurt