(The fiscal austerity measures that have had to be taken are not just due to the € billion or so in additional net debt that can be linked to the guarantee, but also reflect the far larger impact of the ending of the construction boom on the Government’s tax revenue and spending needs.
Those fall within the competence of national authorities, which means the Greek authorities. Is there a limit to the increase in emergency liquidity assistance (ELA) to the banking system? If no agreement is reached by 11 May, is the ELA going to be affected?