The central bank continued its freeze on emergency liquidity assistance (ELA) after Germany issued a humiliating ultimatum to Greece, warning that the country would be cast adrift and left to go bankrupt unless it agreed to much deeper concessions than anything offered so far....
Germany's Mr Gabriel said any debt relief for Greece is out of the question at this stage since it would cause a collapse of discipline across the eurozone, triggering copycat demands from other countries in distress. “It would blow up the euro,” he said....Enter Euclid Tsakalotos
Mr Tsakalotos, an Oxford-educated economist, is less abrasive but he has never been a believer in the euro and comes from the "neo-Marxist" Left-wing of the Syriza movement. The switch may improve the atmosphere at Eurogroup meetings, but does not alter the fundamental clash of interests....The Telegraph
ECB tightens noose on banking system as creditor powers punish Greece
Ambrose Evans-Pritchard and Mehreen Khan