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Of course, they may declare the Bank of Greece insolvent...
Your treaty-fu is better than mine, but I don't remember seeing any clause that prevents an insolvent central bank from continuing to operate, nor makes it legal to eject it from the clearing system.

Or, for that matter, any process by which a central bank can be declared insolvent against its will.

In any case, cutting of a country from the international payments system is about as hostile as a physical blockade or a siege. It's the kind of thing the US attempts to do on Iran, who could have predicted that the Eurozone would do it on an EU member state?
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- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Mon Jun 29th, 2015 at 11:42:08 PM EST
[ Parent ]
The ECB has been in a running battle with the Czech central bank for years over the need for the Czech central bank to operate on positive equity, on which the Czechs are entirely correct there is none.

A society committed to the notion that government is always bad will have bad government. And it doesn't have to be that way. — Paul Krugman
by Carrie (migeru at eurotrib dot com) on Tue Jun 30th, 2015 at 12:12:18 AM EST
[ Parent ]
Hard to have positive equity when there is a giant suction hose attached to your northern and western boundaries.
by rifek on Wed Jul 1st, 2015 at 02:28:58 AM EST
[ Parent ]


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