He already sees a problem if Greek banks extend T-bills, i.e. perform a “rollover”. Is he right or is he too strict? The ECB’s Governing Council has not yet reached a conclusive opinion on that matter.
For me, this is a dynamic process: the more a country – and a banking system – loses market access and the less likely it looks to regain it soon, the greater the risk of indirect monetary financing, and the stricter we have to be.