ECB ratchets up pressure on Greece

In a surprise move, the European Central Bank on Wednesday night (4 February) said it will no longer accept Greek bonds as collateral for loans, giving Athens a week to reach an agreement with international creditors or face serious cashflow problems.

Under the eurozone bank's rules, junk-rated bonds cannot be accepted as collateral. But Greek banks were nevertheless able to access cheap ECB loans under an exemption linked to the troika-overseen bailout programme.

This waiver wi...