H/t reader M.G.:
“From Bloomberg…..ECB gave Greece a small stipend to keep the insanity going….there is much more to this than meets the eye. Why are they keeping it going?
What are they trying to hide?
There must be an enormous amount of fraud behind the scenes….”
– ECB Gives Greek Banks Smallest Aid Rise Yet Ahead of Summit (Bloomberg, May 20, 2015):
The European Central Bank approved the smallest rise in emergency cash for Greek lenders since tensions re-emerged in February, a sign that deposit outflows may be easing as political talks on the nation’s finances improve.
At a meeting in Frankfurt on Wednesday, the Governing Council consented to a 200 million-euro ($222 million) increase in the cap on Emergency Liquidity Assistance to 80.2 billion euros, people familiar with the discussion said. No decision was taken to alter the discounts applied to the collateral pledged for the Bank of Greece loans, the people said, asking not to be named as the matter isn’t public. Continue reading »