The European Central Bank (ECB) said on Tuesday it suspended temporarily the use of any Greek debt instruments as collateral in Eurosystem monetary policy operations after the downgrade to its credit ratings to selective default on Monday by S&P following the debt swap deal reached last week.

The ECB added that any liquidity needed will be gathered from national central banks, where the Greek debt instruments will become eligible after the activation of the collateral enhancement scheme, probably by mid March.