After the decision of the ECB to turn off the taps on the Greek banks, the spread of Greece it soars, reaching 941 points, against the 902 recorded yesterday at the end. On the equity front, however, the Athens Stock Exchange opens the session with a crash of eight and a half percentage points.
As for the other main European lists, in the same minutes Business Square loses 1,2%, while the Stock Exchange of Madrid yields around a percentage point. The push-ups are more contained Frankfurt (-0,2%), Paris e London (both -0,46%).
Meanwhile, too the Italian differential marks an increase, albeit slight, reaching 123 basis points, from 118 at the last closing. The yields on 1,58-year BTPs moved little (to XNUMX%), so the widening of the gap is mainly due to the drop in rates on the Bund, at the center of purchases after the move announced yesterday evening by Frankfurt.
A few hours from "fruitful discussion” between the new Greek finance minister Yanis Varoufakis and the number one of the Eurotower Mario Draghi, the European Central Bank has announced that, starting from 11 February, will no longer accept the government bonds of the Republic of Greece as collateral that Greek banks can present to obtain financing from the ECB itself. To be precise, the derogation from the minimum eligibility requirements for securities issued by Athens, which has no longer had an acceptable rating, has been suspended.
However, it remains in force the Emergency Liquidity Assistance liquidity channel (Ela), which allows the ECB to provide the Greek central bank with financing for institutions that have serious liquidity problems and thus avoid cases of dramatic insolvency, but will still make financing for Greek banks more expensive.
Varoufakis he tried to downsize the scope of the choice made by the ECB, stating that Draghi is thus pushing for a rapid political solution at the level of the Eurogroup, which should meet urgently on 11 February.
The Eurotower's decision "will not have negative repercussions" on the country's financial sector, which remains "totally protected" thanks to other liquidity channels still available, the Athens Finance Ministry wrote in a statement.
“The liquidity and financing of the Greek banking system is secured and there is no reason to worry – explained the government spokesman, Gabriel Sakellaridis, quoted by Mega television – The ECB is an instrument of political pressure at a time when there are consultations at all levels. There needs to be a willingness to discuss, to find common ground to conclude new agreements” between Greece and its partners. Athens, the spokesman repeated, wants “a transitional agreement".
