{"id":9282,"date":"2015-06-21T07:10:11","date_gmt":"2015-06-21T12:10:11","guid":{"rendered":"http:\/\/olduvai.ca\/?p=9282"},"modified":"2015-06-21T07:10:11","modified_gmt":"2015-06-21T12:10:11","slug":"the-collateral-has-run-out-jpm-warns-ecb-will-use-greek-nuclear-option-if-no-monday-deal","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=9282","title":{"rendered":"“The Collateral Has Run Out” – JPM Warns ECB Will Use Greek “Nuclear Option” If No Monday Deal"},"content":{"rendered":"

“The Collateral Has Run Out” – JPM Warns ECB Will Use Greek “Nuclear Option” If No Monday Deal<\/a><\/h3>\n

\"\"<\/a><\/p>\n

(via\u00a0Corriere<\/a>)<\/em><\/p>\n

Although estimates vary, Kathimerini, citing Greek banking officials,\u00a0puts Friday\u2019s deposit outflow<\/a>\u00a0at \u20ac1.7 billion. If true, that would mark a serious step up from the estimated \u20ac1.2 billion that left the banking system on Thursday and serves to underscore just how critical the ECB\u2019s emergency decision to lift the ELA cap by \u20ac1.8 billion truly was. \u201cBanks expressed relief following Frankfurt\u2019s reaction, acknowledging that Friday could have ended very differently without a new cash injection,\u201d the Greek daily said, adding that the ECB\u2019s expectation of \u201ca positive outcome in Monday\u2019s meeting\u201d, suggests ELA could be frozen if the stalemate remains after leaders convene the ad hoc summit. Bloomberg\u00a0has more<\/a>\u00a0on the summit:<\/p>\n

Dorothea Lambros stood outside an HSBC branch in central Athens on Friday afternoon, an envelope stuffed with cash in one hand and a 38,000 euro ($43,000) cashier\u2019s check in the other.<\/em><\/p>\n

 <\/p>\n

She was a few minutes too late to make her deposit at the London-based bank. She was too scared to take her life-savings back to her Greek bank. She worried it wouldn\u2019t survive the weekend.<\/em><\/p>\n

 <\/p>\n

\u201cI don\u2019t know what happens on Monday,\u201d said Lambros, a 58-year-old government employee.<\/em><\/strong><\/p>\n

 <\/p>\n

Nobody does. Every shifting deadline, every last-gasp effort has built up to this: a nation that went to sleep on Friday not knowing what Monday will bring. A deal, or more brinkmanship. Shuttered banks and empty cash machines, or a few more days of euros in their pockets and drachmas in their past – – and maybe their future.<\/em><\/p>\n

 <\/p>\n

\"\"<\/a><\/p>\n

 <\/p>\n

For Greeks, the fear is that Monday will be deja vu, a return to a past not that distant. Before the euro replaced the drachma in 2002, the Greeks were already a European b\u00eate noire, their currency mostly trapped inside their nation, where cash was king and checks a novelty.<\/em><\/strong><\/p><\/blockquote>\n

 <\/p>\n

…click on the above link to read the rest of the article…<\/p>\n","protected":false},"excerpt":{"rendered":"

“The Collateral Has Run Out” – JPM Warns ECB Will Use Greek “Nuclear Option” If No Monday Deal (via\u00a0Corriere) Although estimates vary, Kathimerini, citing Greek banking officials,\u00a0puts Friday\u2019s deposit outflow\u00a0at \u20ac1.7 billion. If true, that would mark a serious step up from the estimated \u20ac1.2 billion that left the banking system on Thursday and serves […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[2086,1269,285,1167,434,1464,534,6559,857,4318],"class_list":["post-9282","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bank-run","tag-bis","tag-eurozone","tag-greece","tag-international-monetary-fund","tag-italy","tag-monetary-policy","tag-non-performing-loans","tag-vladimir-putin","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9282","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9282"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9282\/revisions"}],"predecessor-version":[{"id":9283,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9282\/revisions\/9283"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9282"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9282"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9282"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}