European Central Bank toughens its stance on Greece

The European Central Bank (ECB) has toughened its stance with Greece by restricting financing to the country’s banks.

In a statement, the central bank said it would no longer accept Greek government bonds as collateral for lending money to commercial banks.

The move makes access to cash more expensive for Greece’s banks.

The ECB said the suspension came as it could not assume a “successful” deal on Greece’s €240bn (£179bn) bailout.

BBC News – European Central Bank toughens its stance on Greece.