Greece Progresses on Rescue
The ECB’s Governing Council has decided to raise the upper limit for the amount of Greek short-term loans the Bank of Greece can accept in exchange for emergency loans.
ECB Cuts Off Funding to Four Greek Banks
So many Greeks have withdrawn savings from banks since Monday that on Wednesday the ECB cut off funding to four Greek banks that it did not consider solvent.
German Concern over ECB Funding Grows
Germany is getting worried–more worried than usual–about the level of debt in the eurozone. The European Central Bank’s Target2 system indicates that money owed to the Bundesbank now totals 489 billion euros ($656 billion