GREECE CRASHED
Sam Ro - Feb. 4, 2015, 9:21 PM

greece - Bloomberg

The Greek stock market closed hours ago, but the exchange-traded fund that tracks Greek stocks, GREK, crashed during the final minutes of trading in the US markets.
The euro is also getting walloped, falling 1.3% against the US dollar.
This comes following bad news from the European Central Bank (ECB) to Greece's debt-laden banks.
Shortly after 3:30 p.m. ET, the ECB announced that it lifted its waiver on minimum credit rating requirements for marketable instruments issued or guaranteed by Greece.
To put it another way, Greek banks can no longer exchange their junk-rated sovereign bonds for cash.
"The waiver allowed these instruments to be used in Eurosystem monetary policy operations despite the fact that they did not fulfill minimum credit rating requirements," the ECB said in a press release. "The Governing Council decision is based on the fact that it is currently not possible to assume a successful conclusion of the programme review and is in line with existing Eurosystem rules."
"In other words, the ECB doesn't see Greece complying with existing bailout rules," Bloomberg's Lorcan Roche Kelly explained.
However, it's not all bad. The ECB has another way for Greek banks to exchange their securities for liquidity. The cost of borrowing will however be higher.
"Liquidity needs of Eurosystem counterparties, for counterparties that do not have sufficient alternative collateral, can be satisfied by the relevant national central bank, by means of emergency liquidity assistance (ELA) within the existing Eurosystem rules," the ECB said.
"The move from the ECB today is a copy of the suspension of Greek debt that occurred in February 2012," Kelly noted.
"For Greek banks, this move by the ECB will not directly be a disaster as they have reduced their exposure to the Greek sovereign since 2012 and so are less reliant on that debt as collateral," Kelly argued.
Still, it appears to be more bad than good. And judging by the reaction in the currency and equity markets, investors and traders were hoping for better.

Source

Traduction

Greece 3.375% 3-year bond yield 18.2%

Comme je l'ai déjà écrit les allemands disent "Rauss", les grecs ont donc 25 jours pour imprimer des euros-grecs, peut-être moins.

La question: un pays qui quitte l'€ peut-il rester dans l'UE? Je dirais que oui.

Non, il faut préalablement quitter l'UE pour quitter l'€ (la fameuse autoroute sans sortie)
Les modalités pour quitter l'UE sont prévues par l'article 50 du TUE

Dans ce genre de cas, personne ne respecte les traités. Si par définition un pays sort de l'UE ou de l'euro c'est qu'il se contrefiche des traités, puisqu'il reprend son indépendance.

"Si par définition un pays sort de l'UE ou de l'euro c'est qu'il se contrefiche des traités, puisqu'il reprend son indépendance".

Non puisque cette possibilité existe justement par traité
L’article 50 du traité sur l’Union européenne

1. Tout État membre peut décider, conformément à ses règles constitutionnelles, de se retirer de l’Union.

UPDATE : GGB 3Y Yield now trading above 19,58% (+353 bps intraday).

On souffle le chaud et le froid pendant la négociation. Voir Tsipras et Varoufakis faire les cadors devant les caméras devenait certainement énervant pour les allemands...

Je suis persuadé que tout finira par un accord comme d'hab!

Si les Grecs sortent de la zone euro , ils quittent aussi l'euro automatiquement.
Donc, cela signifie-t-il un retour au drachme ?

Edit :Comme l'Islande qui est revenue à sa couronne islandaise.