Greek bonds will not be accepted as collateral at the ECB. Greek banks will still be able to obtain liquidity (at a price). The viability of monetary unions tends to depend on their banking systems, so the ECB's policy shift could be seen as a high stakes game.
The Peoples' Bank of China changed its reserve requirement ratio, finally (it has been expected for some time). The issue seems to be a desire to stabilise liquidity, which has been suffering from capital outflows, more than creating credit.
Newswires report that Toyota is considering using some of its cash to increase payments to suppliers. This is critical as for Abenomics to succeed the profit consequences of a weaker yen need to be spent in the economy (one way or another). The need to translate profit into growth also applies in the Euro area.
The US has trade data (showing the net benefit of a lower oil price) and productivity and unit labour cost figures. Unit labour costs are around two thirds of the consumer price inflation basket, and we are above consensus with a forecast of 2.6%.