ECB decision could be critical in Greek debt crisis
If Greek debt is downgraded again, much will depend on whether the ECB decides to keep accepting it as collateral.
Already cut to junk status by Standard & Poor's, Greek debt is teetering on the brink of further downgrades – which could jeopardise its use as collateral with the European Central Bank (ECB). If the bonds become ineligible as collateral, it would deprive the country's banks of up to €17 billion in funding, according to one estimate.
On April 8 the ECB agreed to accept debt rated at least Baa3/BBB– by at least one ratings agency as collateral beyond the end of the year, making permanent a 2008
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