The ECB lifted an important waiver for Greece and funds linked to the country’s stocks plunged. The ECB scrapped the waiver which previously allowed the country’s banks to use (junk-rated) Greek government bonds as collateral for lending, which has been removed now that a successful completion of Greece’s bailout now looks unlikely. GREK, an exchange-traded fund (ETF) that tracks Greek stocks, plunged 10% on the news. And the euro tumbled. The European currency dropped by at least 1.3% after the announcement, plunging against the dollar after the same news from the ECB. Ukraine’s president is calling for more arms …read more
Source: Business Insider
