Please have a quick look: https://www.youtube.com/watch?v=881hL05cIx0
歐洲央行拒收！希臘公債比垃圾還垃圾？ -57金錢爆-2015-0205-3/3
The European Central Bank has just announced, that they no longer allow banks to use Greek government debt as collateral for loans!
This shows their mistrust towards Greece about their ability to repay their debts. Analysts say that unless Greece can come to an agreement with the Troika, the European Central Bank will not reinstate the waiver.
The video below explains the background and the possible reasons for this move- hope it helps!
Coming up next: your Marcoeconomics vocab boost- stay tuned!
Video Summary:
The announcement by ECB led to a plunge in prices of Greek Exchange Traded Funds (ETFs). This shows the lack of confidence of ECB towards Greece, as its action implies that the European market is better off without Greece. Greece banks' access to a key source of funds, because of this, is restricted.
The announcement by ECB led to a plunge in prices of Greek Exchange Traded Funds (ETFs). This shows the lack of confidence of ECB towards Greece, as its action implies that the European market is better off without Greece. Greece banks' access to a key source of funds, because of this, is restricted.
Greece keeps making promises by putting forward numerous timetables, but it cannot guarantee their repayment of loans. The extreme left-wing party who has won the election by making unachievable promises, such as raising minimum wage.
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