It could also provide near unlimited liquidity through yet another huge long term refinancing operation.

ECONOMIST: How much do Greece and the rest of Europe stand to lose?

To fill their funding holes from fleeing deposits much of this borrowing has come from the Long Term Refinancing Operation or LTRO.

FORBES: Spain: Liar, Liar, Pants On Fire

The exception is the ECB's Long Term Refinancing Operation (LTRO), which provides banks with three-year liquidity at its main interest rate, currently 1%, against a wide array of collateral.

ECONOMIST: The euro zone��s rescue strategy still does not add up

The reaction to take-up of the ECB's second long-term refinancing operation was fairly muted.

WSJ: European Stocks Edge Lower

Examples of secured funding include covered bonds, repurchase agreements and the European Central Bank's Long-Term Refinancing Operation.

WSJ: Agenda: Basel III��Don't We Have Enough Problems?

It is now unclear if the European Central Bank will roll out another round of its long-term refinancing operation (LTRO).

FORBES: Greek Election Fever Hits Wall Street Monday

The European Central Bank is not expected to lower interest rates this week, but is expected to make overtures to the long-term refinancing operation, or LTRO.

FORBES: The Economy This Week: Hope For Improving U.S. Trade Data

And since the ECB started its long-term refinancing operation (LTRO) programme last November, they have been getting quite a lot of longer term funding from that source as well.

BBC: Inconvenient truths about Libor

Meanwhile, financial markets have taken a more positive tone in recent weeks, noted Bank of America Merrill Lynch, largely on the effects of the European Central Bank's three-year long-term refinancing operation.

WSJ: European Stocks Edge Lower

The momentum looks likely to continue, particularly because the ECB will conduct a second offering of three-year loans to banks, known as a long-term refinancing operation, or LTRO, at the end of February.

WSJ: Greek Vote Could Reignite Emerging-Market Currencies