Announcements from the ECB

  • Issues waiver to accept Greek sovereign debt as collateral in eurosystem credit operations
  • Adopts a general reduction of collateral valuation haircuts
  • Says temporary increase in eurosystem risk tolerance in order to support credit to the economy
  • Statement

The backdooring of the United States of Europe continues.

This is a big step:

Accommodating the requirements on guarantees to include government and public sector guaranteed loans to corporates, SMEs and self-employed individuals and households in the ACC frameworks in order to also provide liquidity against loans benefiting from the new guarantee schemes adopted in euro area Member States as a response to the coronavirus pandemic;

That's basically backstopping everything.