We said that the ECB held the trump cards in dealing with Greece, via being able to impose conditions on its access to the Emergency Liquidity Authority. We thought the ECB would send an initial signal as to how opposed it was to Finance Minister Yanis Varoufakis' bold proposals in whether it imposed conditions and how severe those were on the Greek Central bank's request to access ELA funds, which it is sure to approve to tomorrow. It turns out the ECB is not waiting that long to let its views be known.Naked Capitalism
The ECB Tightens the Choke Chain on Greece
Yves Smith
