OPINION

ECB stance brings optimism

The European Central Bank?s decision to upgrade the collateral put up by Greek lenders has been hailed as a highly significant and positive outcome, given that it substantially increases liquidity in the banking sector.

The country?s real economy is completely frozen at this point in time, something which is not solely due to fiscal adjustment.

The complete lack of liquidity in the local market is leading a large number of businesses, including companies which had up to now been financially sound, into difficulties, and in many cases to closure.

Meanwhile, the European Central Bank has been showing signs of pragmatism recently.

The ECB appears to comprehend the problems currently being experienced by this country as well as the rest of the states comprising the European Union.

So here?s another positive sign which allows for some cautious optimism with regard to the Greek economy?s gradual revival.