ECB refuses new loans to Greek banks

 
ECB refuses new loans to Greek banks
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The European Central Bank (ECB) will no longer allow loans to Greek banks with security in the country's debt.

The announcement from the central bank came on Wednesday night, just hours after Greece's Finance Minister Yanis Varoufakis held his first talks with ECB chief Mario Draghi to refinance the country's debt.

Responsibility to provide Greek banks liquid assets is from February 11 handed over to the Bank of Greece. This adds further pressure on Greece's new government to come to terms with the country's creditors.

ECB's decision, which required the support of a majority of central bankers in the euro zone, is seen as an expression of dissatisfaction with the plans of the new Greek government.

Stock markets fell as a result of the news. It also made that the euro was weakened by more than 1 percent against the dollar.

However the decision was apparently taken with calm in the Greek finance ministry. In a press release they write that it will not have any adverse impact on the country's financial sector.

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