The ECB’s decision to toughen its stance on Greece signals the end of the Greek government’s honeymoon period

The European Central Bank (ECB) has announced that it will no longer accept Greek government bonds as collateral for lending money to commercial banks. Vassilis Monastiriotis writes on how the decision should be interpreted in light of the current discussions surrounding Greek debt. He notes that while the immediate effect on the Greek economy is not particularly serious, the decision nevertheless signals the end of the honeymoon period for the Greek government and gives an indication of the tough negotiations which are set to follow.