ECB takes a tough stand, restricts financing to Greek banks
February 5 , 2015
Signaling a tougher stance on Greece’s debt crisis, the European Central Bank has restricted financing to Greek banks.
The ECB said in a statement that it would cease to accept the country’s government bonds as collateral while lending money to commercial banks.
According to the central bank, it could not strike a successful deal on the €240 billion bailout for Greece.
Greece’s finance ministry said that the ECB move won’t have an “adverse impact” on the financial industry of the country.