5 May 2015 - ECB meets on May 6 for further write-off's (from 23% of collateral for ELA to 44%/65%/80%)

http://www.theaustralian.com.au/business/opinion/greeces-creditors-are-finally-talking-write-offs/story-fnp85lcq-1227336188428

At the moment the discount applied to the Greek banks’ collateral — that is, their holdings of sovereign Greek bonds — for ECB Emergency Liquidity Assistance is 23 per cent, with the result that Greek businesses are starved of working capital because the banks have to ration loans.

According to reports over the weekend, the ECB is working on three haircut scenarios: 44, 65 and 80 per cent.

If the haircut is increased tomorrow on May 6, the banks will find it even harder to come up with the collateral needed to keep the money flowing from Brussels.

The collateral haircut is a particularly damaging form of austerity because it forces private businesses to cut back stock and debtors and to reduce staff.

http://www.dawn.com/news/1179970/labour-disputes-dog-greek-talks-as-cash-dwindles

Labour disputes dog Greek talks as cash dwindles