The Phaserl


The ECB and Quantitative Easing

by Pater Tenebrarum,

Greek Complications

As many other market observers have pointed out recently, 2015 is going to be an important year for the euro area. On the one hand, there are a number of elections the outcomes of which could seriously jeopardize the monetary union and the currently agreed on policy prescriptions.

The temporally closest is the election in Greece, which is likely to bring Syriza to power. As Mish has pointed out recently, bank runs have already started again in Greece. This is not too surprising, as the election creates a lot of uncertainty for depositors and savers. No-one with money in the bank in Greece wants to see it transformed into drachma overnight. Given that the ECB has in the meantime openly threatened to cut off funding to the Greek banking system should the new government stray from the agreements with the troika, this danger is very real.

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