Going on the readmission of the papers made until after the next report of the Troika on the progress of reforms in the euro-land, it said. The inspectors of the ECB, European Commission and the International Monetary Fund (IMF) on 24 to July set off again to Athens, there to examine the reform and austerity. Reasons for the action calling the central bank does not initially.
Until the publication of the Troika report, the Greek central bank could deny the funding needs of the institutions of the country through the existing emergency line of credit, the report said. This means that the Greek banks can access the so-called "Emergency Liquidity Assistance" (PA) access to the ECB is not liable, but the central bank in Athens itself
Thus the Greek banks are now dependent middle of next week until further drop in full on their own central bank in Athens. According to data from the euro-system, the banks refinanced at the end of June in an amount of 62 billion euros in emergency loans on their central bank and a volume of 74 billion euros at the ECB directly.
Parallel to the decision not to accept more bonds Greece as collateral, the ECB also issued regulations to cushion the measure. For example prevents the central bank additional loans of Greek banks as collateral, just as they extended the appropriate security context for Cyprus, Portugal and Italy.
In equity markets, the ECB's decision caused a disturbance. The DAX slipped 1.5 percent to minus. The benchmark indexes in Madrid and Milan yielded to 4.7 or even 4.2 percent. Also on the U.S. exchanges, it went downhill. The euro fell to $ 1.2155.
Greece is lagging behind in reforms and savings, and therefore comes under pressure from donors. Because of the recession and the election campaign in Greece, the second auxiliary program was € 130 billion out of control . The government in Athens now wants more time for their reform program . This in turn comes from the donors of resistance. Diplomats in Brussels said that decision would need to the problems seen in Greece in September.