Raoul Ruparel of Open Europe told The Telegraph: "The activation of the so-called ELA (Emergency Liquidity Assistance) looks to be the last stand for Greek banks and suggests they are running alarmingly short of quality collateral usually used to obtain funding."
He added: "This kicks off another huge round of nearly worthless assets being shifted from the books of private banks onto books backed by taxpayers. Combined with the purchases of Spanish and Italian bonds, the already questionable balance sheet of the euro system is looking increasingly risky."
Via Telegraph
Looks like Greek situation is getting excited again after the second bailout in July 2011
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