Eyes of the world all focused on what Greece does next

If Greece’s new left-wing Syriza government had any illusions about its opponents at the heart of the eurozone political and financial establishments, these will surely have been put to rest following an extremely difficult few days, writes Kyran Fitzgerald.

On Wednesday, the ECB flexed its muscles with an announcement that it would no longer be accepting Greek government bonds and state-guaranteed debt as collateral, though the country remains eligible for other forms of lending.

The move brought to a halt a rally in Greek share prices and an easing in yields on the sovereign, a development that followed a statement from finance minister Yanis Varoufakis that his government would not be insisting on a partial debt default.