Eurozone pressure on Greece mounts, focus on Eurogroup

All eyes are turned on Eurogroup meeting on February 12

Pressure is mounting on Greece from its international creditors, just two days before the new government’s programmed announcements in Parliament. A coordinated effort to keep Greece to its austerity program is evident with the European Central Bank (ECB) making an unprecedented move to restrict the eligibility of Greek bonds used as collateral from February 11, rather than the agreed deal for a decision at the end of February.

Government sources state that ECB chief Mario Draghi called Prime Minister Alexis Tsipras following his return from Paris. The same sources state that Draghi said that this decision doesn’t affect Greece’s credit system as the ECB renews bank liquidity through the Emergency Liquidity Assistance (ELA). Tsipras listened carefully and stressed that he is committed to the popular vote and to keeping his pre-election pledges. He is continuing talks with European partners on this basis.

The ECB is pushing for the Eurogroup to quickly reach a mutually acceptable deal between Greece and its partners.

The ECB’s announcement came just a day before the meeting between Greek Finance Minister Yanis Varoufakis with his German counterpart Wolfgang Schauble.

A report by private MEGA clarified that there would be no more aid for Greece if Athens doesn’t keep its commitments, making funding to Greek banks particularly difficult. The report states that a Berlin official will not blackmail Greece and isn’t afraid of a Grexit despite not wanting one. “If you don’t receive the last installment, then the future of the country is grim,” he said. “The ball is now in Greece’s court. You decide!”