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Jens Weidmann, the president of Germany's Bundesbank, and one of the most influential member of European Central Bank's (ECB) taken hard stance towards Greece, which means Greece is unlikely to receive any more concession from ECB regarding ELA. As a matter of fact, it will only get tougher if Sunday's final deadline is missed.
According to Mr. Weidmann, there remains considerable doubts over solvency of Greek banks, which are nothing but getting worse by the day.
If it was up to him, he would have scrapped €89 billion lifeline for Greek banks, since it is the responsibility of the Greek government and international creditors to resolve problems.
Why Mr. Weidman would like to scrap the ELA?
According to him, Sunday vote declared that majority of Greek have no further appetite for further reforms which would make the banks solvent.
According to Mr. Weidman, Greek government is responsible for current economic chaos and Syriza government in Greece remains an unreliable negotiating partners.
Euro dropped to 1.104 against dollar after trading as high as 1.112.
