The European Central Bank’s decision on Wednesday to restrict the eligibility of Greek bonds used as collateral raised pressure on the 10-day-old government to yield to German-led austerity calls. The decision was announced at 9.36 p.m. on Wednesday.

The Greek Finance Ministry said the decision does not reflect to any negative developments in the nation’s finance sector and said the ECB’s decision would have no adverse impact on the country’s financial sector when it comes in effect on February 11 as the sector was “fully protected” with other options still available.

Here’s the Ministry of Finance’s full statement following the ECB’s announcement on the eve of Finance Minister Yanis Varoufakis’ meeting with German Finance Minister Wolfgang Schauble on Thursday:

This decision does not reflect any negative developments in the country’s financial sector and comes after two days of substantial stabilization. According to the European Central Bank (ECB), the Greek banking system remains adequately capitalized and fully protected through access to the ELA.

The European Central Bank (ECB) decision puts pressure on the Euro working group to proceed rapidly to conclude a new mutually beneficial agreement between Greece and its partners.

On a daily basis the government is widening its circle of consultation with partners and institutions to which it belongs, it remains unwavering in its goal of a social salvation program approved by the vote of the Greek people, and consults with a view to drawing up a European policy that will finally end the hitherto self-sustaining social crisis of the Greek economy.

On its part, the ECB pointed to the fact that a “successful” deal for bankers can no longer be assumed regarding Greece’s 240 billion-euro deal, whose austerity terms the new Greek government has deemed too harsh.

The ECB statement reads:

* ECB’s Governing Council lifts current waiver of minimum credit rating requirements for marketable instruments issued or guaranteed by the Hellenic Republic

* Suspension is in line with existing Eurosystem rules, since it is currently not possible to assume a successful conclusion of the programme review

* Suspension has no impact on counterparty status of Greek financial institutions

* Liquidity needs of affected Eurosystem counterparties can be satisfied by the relevant national central bank, in line with Eurosystem rules

The Governing Council of the European Central Bank (ECB) today (Wednesday) decided to lift the waiver affecting marketable debt instruments issued or fully guaranteed by the Hellenic Republic. The waiver allowed these instruments to be used in Eurosystem monetary policy operations despite the fact that they did not fulfil minimum credit rating requirements. 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.

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This decision does not bear consequences for the counterparty status of Greek financial institutions in monetary policy operations. 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 instruments in question will cease to be eligible as collateral as of the maturity of the current main refinancing operation (11 February 2015).