Wolfgang Münchau, The Financial Times | May 24, 2011
The ECB has threatened to refuse Greek banks access to its refinance operations which would most likely force Greece out of the Eurozone. ++ Whether the ECB is bluffing is uncertain and ministers are divided. ++ Merkel is cautious when supporting major restructuring as is Ms Lagarde, France's finance minister. ++ A variant of the Vienna initiative, which supported western banks in eastern European countries in 2009, would be a positive political action in easing the next loan packages into Greece from cautious national governments.