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  1. Referendum and the ECB to determine the future of Greek banks
    Photo by MacroPolis

    Economy

    The ECB Governing Council decided yesterday to maintain the Emergency Liquidity Assistance (ELA... 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

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  2. House of cards (The rise and fall of Akis Tsochatzopoulos)
    Photo by Can Esenbel [www.mundanepleasure.com]

    Agora

    a way to measure people’s units of thought, they would discover that the British think in pints

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  3. Greek retail sales dive 8.5 pct in May after brief rise in April
    Photo by MacroPolis

    EconomyMacroeconomy

    increased by 2.3 pints to 4.8 in July posting a cumulative rebound of 27.6 points over the past 10 months

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  4. Industrial production stays in contraction for third successive month in Aug
    Photo by Giannis Papanikos/Fosphotos

    EconomyMacroeconomy

    successive positive months, to -1.3 pints after a rise of 2.6 points in the previous month. Since October

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  5. Newsletter 501 - 03/04/2026

    Newsletters

    pints, from -49.2 in February. All components fell with the sharpest noted in the services sentiment

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  6. What higher ECB haircuts on collateral could mean for Greek banks' liquidity
    Photo by MacroPolis

    Economy

    the haircut applied to the collateral used by Greek banks for Emergency Liquidity Assistance (ELA) funding... of Greece (BoG), Greek banks’ cash ELA funding reached 68.51 billion euros at the end of March. On Wednesday, ECB raised the ELA limit for Greek banks by 1.5 billion to 75.5 billion. In addition, the ELA

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  7. How Greek banks can balance on the collateral tightrope
    Photo by MacroPolis

    Agora

    (ELA) funding. Based on the latest official BoG figures, Greek banks used ELA funding of 74.4 billion... decided on May 12 to lift the ELA cap for Greek banks by 1.1 billion to 80 billion. Banking sources indicated that the ELA cash liquidity buffer stood at 3.5 billion euros, implying that banks have

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  8. Eurosystem funding for Greek banks up by 3.56 bln in May to reach 116.4 bln
    Photos by Dennis Skley via Flickr https://flic.kr/p/qcppmH

    EconomyMacroeconomy

    billion eurps almost entirely stems from a rise in the Emergency Liquidity Assistance (ELA) funding... recapitalisation process and can still be placed with the ECB for funding purposes. The increase in the ELA funding in May is similar to the increase of 3.3 billion in the ELA limit that was decided

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  9. After 'No' vote, pulling Greek banks back from brink a priority
    Photo by MacroPolis

    Economy

    in the Emergency Liquidity Assistance (ELA) limit for Greek banks. Press reports initially noted that the ECB... the ECB Governing Council convened for the last time on Greece, it decided to keep the ELA limit unchanged, while further postponed an increase in the ELA collateral haircut. Although, Greek banks

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  10. Capital controls in Greece? A response to Professor Sinn
    Photo by MacroPolis

    Agora

    for the Eurozone (EZ) to provide sufficient liquidity, say via Emergency Liquidity Assistance (ELA) under... that lacks liquidity, simply because ELA has reached an arbitrary upper bound? Third, Professor Sinn misrepresents facts in a couple of aspects related to Cyprus. The increase in ELA for the Cypriot

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