The TD Securities Team comments on the recent developments concerning Greece, and further notes that this week’s Eurogroup summit is likely to be a non-event in delivering a EU-Greece agreement. “Headlines confirmed our suspicions that the market and Greek leaders have been too complacent in thinking the ECB would continue to provide ELA funding uninterrupted. There is reportedly an increasing minority of ECB Governors opposed to Greek ELA, and while it requires a two-thirds vote to turn it off, the staff has now prepared various options for increasing the haircuts on ELA lending.” “With the Greek government backtracking on pension and public sector employment reform yesterday, it still seems this week’s Summit in Riga will be a non-event in delivering a deal and May 11-12 is now set as the potential make-or-break deadline with the next Eurogroup and IMF repayment due then.”