How A Loss Of Liquidity Could Cause A Summer Grexit

``In case of a missed IMF payment, another round of deposit outflows could call the solvency of Greek banks into question and reduce the value of the bonds being used as collateral, simultaneously reducing the ELA. It might still be possible for the ECB to get creative in how it values ELA collateral, but it's hard to see that happening without support from the Eurogroup, and if there's still no deal the Eurogroup is unlikely to be so understanding.''