Greece is breaking reform agreements which have been a prerequisite for the substantial credits and benefits which the country has received from IMF, EU and ECB. That refusal of reform has triggered an immediate response of her citizens: they are withdrawing their money from domestic Greek banks. In the very near future Greece will face default unless emergency liquidity assistance (ELA) keeps being given to Greek banks by the Greek National Bank. That is however in plain contradiction to the procedural rules fixed by ECB for the exceptional case of ELA. (read more …)