Gladiator Finance's Greece Unlikely to Receive Help From the ECB 5th February 2015

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Gladiator Finance's Greece Unlikely to Receive Help From the ECB 5th February 2015

It was bad news for Greece yesterday after their new Finance Minister met with the head of the ECB, only to be told that their bonds would not be accepted in exchange for lending money to their banks.

Mario Draghi, the head of the European Central Bank met with Yanis Varoufakis yesterday and the two were obviously unable to agree terms.

The news was a surprise to many who had expected the ECB to be more amiable to a deal, especially as they are not required to make a decision until the 1tth of the month. The tough stance shows the new government of Greece that they will not have it all their own way, however the Finance Minister did say that the outcome was not an issue and that they still had options available to them.

Currently Greek banks still have access to the Emergency Liquidity Assistance fund provided by the Greek Central Bank. The problem is that it is believed to be at a rate of 1.55%, significantly greater than the 0.05% made available by the ECB.

Greece is still on the road, looking to drum up support for their new deal. Today they will meet in Germany and the German counterpart, Wolfgang Schaeuble will be a hard nut to crack.

The Germans were staunchly against Greece leaving the Euro and even more against their swap of debt for bonds. It will be a tough day for the new minister that is for sure.

The ECB has just under a week to make changes to its line on Greece. This gives Greece a very small window of time to get backers behind their new bailout exit scheme and considering they would need all 19 member states to agree a new deal, this is looking increasingly more unlikely.

Major European Indexes - 4th February 2015

FTSE 100 - 6,860.02 (-0.17%)

DAX - 10,911.32 (+0.19%)

CAC 40 - 4,696.30 (+0.39%)

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