Funding as Long as Banks Stay Solvent

The amusing headline of the day comes from ECB Executive Board Member Benoit Coeure who told Greek newspaper Kathimerini on Wednesday in an interview ECB to Fund Greek Banks as Long as They Stay Solvent.

The European Central Bank will continue to provide liquidity to Greece's banks as long as they remain solvent and have sufficient collateral, ECB Executive Board Member Benoit Coeure told Greek newspaper Kathimerini on Wednesday in an interview.

He said imposing capital controls was "not a working assumption" for the ECB, while speculation about Greece leaving the euro was "out of the question."

Coeure failed to say that Greek banks are "solvent" (using the word loosely) only as long as they get funding.