To beat austerity Greece must break free from the euro | Costas Lapavitsas | Comment is free | The Guardian
▻http://www.theguardian.com/commentisfree/2015/mar/02/austerity-greece-euro-currency-syriza
In February the Greek negotiating team fell into a trap of two parts. The first was the reliance of Greek banks on the European Central Bank for liquidity, without which they would stop functioning. Mario Draghi, president of the European Central Bank, ratcheted up the pressure by tightening the terms of liquidity provision. Worried by developments, depositors withdrew funds; towards the end of negotiations Greek banks were losing a billion euros of liquidity a day.