The Greek government came in for a shock as the meeting with lenders on Monday didn't pan out as finance ministry sources expected with the main sticking point being the ability of Greek banks to deal with a huge amount of private debt in the red.

In 2012 Mario Draghi wanting to project the assurance that the ECB was not going to let the crisis spread like a contagion saying the by now infamous phrase “whatever it takes.” But what did really happen behind the scenes?

The European Central Bank's asset purchase program that was announced yesterday raised hopes that much needed liquidity would return to Eurozone economies.