Even though Greece has decided to say “no” in the referendum, the country is still linked to the ECB. The ECB is set to meet in order to discuss the ELA policy.
According to George Saravelos, if an immediate suspension on banking system is set in motion, Greece would be one step closer to Eurozone exit.
The Troika and ECB are going to use economic and financial collapse of Greece as their negotiating card.
Greece might use the example of California from Lehman crisis in 2008, when the country distributed temporary coupons to pay bills to contractors when liquidity seized up. According to Mr. Varoufakis, Greece might take this legal action within the inviolable sanctity of monetary union. In other words, Greece will remain in the Eurozone, but won’t use Euro.
Any action taken by Greece depends on the decisions of the ECB. Thus, Greece could nationalize its banks and print the currency of which it is no longer a member.
The only way to fight against a hegemonic power is for Syriza to engage in guerrilla warfare.
Some public officials are demanding a resignation of governor Stournaras. By initiating, this they want to restore the stability of the system. In order to succeed in this, national emergency powers would have to be involved and Bank of Greece will be requisitioned for a period of time.
Also, an appeal to the European Court is required in order to declare legality under crisis provisions of the Lisbon Treaty and to sue the ECB for negligence of its treaty duty to maintain financial stability.
As the International Monetary Fund confirmed Syriza’s assertion that Greece’s debt cannot be repaid, the creditors must listen to the voice of the Greek people.