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Has the threat of Grexit passed?

Of course, it has not. It is constantly before us. Even the bridge loan that was granted today actually has double collateral and both "packages" are to the detriment of Greece. One of them is the profits from Greek government bonds that are held by the European Central Bank and used as guarantees. And because different European countries want to be protected in the event of Grexit, part of the EU budget intended for Greece is bound as collateral. Therefore, what we formally see in the documents is that all fear Grexit.

As things here are developing in a bad direction, there might be Grexit as a result of an accident. The situation is now safe thanks to the fact that the European Central Bank continues to allocate liquidity, but there will be some limit on it as well.

At present, deposits in Greek banks are to the amount of 120 billion euro and the liquidity from the Emergency Liquidity Assistance, the guarantees and the direct funding from the European Central Bank amounts to over 125 billion euro. As a result, the Greek banking system is absolutely unstable. If action is not taken to return the money to banks, trigger the economy, etc., a process that will last for months, the risk of Grexit cannot disappear.

It happening on the basis of a "political" decision has been avoided, which was the proposal of the German finance minister, namely to exclude Greece from the euro zone for five years.

There is also a political fear. When the Greek government is not doing anything, what response can be expected from the parliaments of the euro zone? Many of them have permitted the launch of negotiations on a third rescue programme, Memorandum Number 3. It is also a very risky process and the risk of Grexit in it is present at any time