Greece: Here's What Happens Next

The ECB made it clear yesterday that the suspension of Greek sovereign debt as eligible collateral came because a successful conclusion of the current Greek troika program review had become impossible.

To get that certainty back and allow Greek debt back on to the ECB collateral list, either the current review must be concluded successfully—the chances of which are approximately zero—or an agreement must come on a new program for Greece. A program is essentially a set of rules attached to a bailout.