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Greece still in focus

Tuesday, Apr 21 2015
The European Central Bank is studying measures to rein in Emergency Liquidity Assistance to Greek banks, as resistance to further aiding the country’s stricken lenders grows in the Governing Council, Bloomberg reports. ECB staff have produced a proposal to increase the haircuts banks take on the collateral they post when borrowing from the Bank of Greece.
 
While the measure hasn’t been formally discussed by the Governing Council, it may be considered if Greece’s leaders fail to quickly convince euro-area finance ministers they can reform their economy and secure bailout funds.  Even so, ECB President Mario Draghi has signaled he isn’t yet convinced of the need to squeeze Greek lenders further. Speaking to reporters on April 15, he said the subject was “mentioned, not discussed” by governors at their monetary-policy meeting. “We will come back on this issue in due time,” he said. 
 
Running out of options to keep his country afloat, Greek Prime Minister Alexis Tsipras told local governments on Monday to move what may be about 2 billion euros in funds to the local central bank. If sufficient, the government may use the cash to pay salaries and to meet an International Monetary Fund loan repayment due on May 12. That shift of cash will also probably increase banks’ need for replacement central-bank funding.
 
Euro is currently being traded slightly below 1.0680 level. Pair is likely to find support around 1.0650 area and resistance above 1.0750 level. There will be no major data releases in the rest of the session.
 
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