European Central Bank on Thursday significantly lowered the borrowing ceiling for Greek banks through the Emergency Liquidity Assistance mechanism (ELA).
The ECB approved a recommendation by the Bank of Greece to lower the ELA ceiling by 7.8 billion euros to 77.9 billion euros until Wednesday, December 16. This decision reflects an improving liquidity condition in Greek banks, as uncertainty eased and private sector deposit flows stabilized, and the achieved progress in a recapitalization process of Greek banks.
(Source: ANA-MPA)
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