Referendum and the ECB to determine the future of Greek banks

Economy Tags: Banking, ECB
Photo by MacroPolis
Photo by MacroPolis

The ECB Governing Council decided yesterday to maintain the Emergency Liquidity Assistance (ELA) funding of Greek banks at current levels. Moreover, despite earlier rumors, the ECB did not take any decision on an increase on the haircut applied to ELA collaterals.

This means that Greek banks will continue operating with the ELA liquidity of last Friday which is estimated close to 90 billion. At the same time, ECB said that it will reconvene whenever needed to assess banks liquidity position.

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