Why? For little letters: LTRO.
Any bank heavily exposed to Greece could easily cover their exposure via the ECB. That would give them three years to figure out how to fund the loss rather than have to do it at the drop of a hat.
It doesn’t make the problem go away but it suggests there will not be a Lehman-like domino effect if a firm or two takes a hit.
EUR/USD consolidating at 1.3195 ahead of the US employment report.
