ECB Approves Emergency Liquidity Assistance for Greece’s Four Systemic Banks

Dragi_StournarasGreece’s four biggest banks’ request to use the European Central Bank’s (ECB) Emergency Liquidity Assistance (ELA) has been approved for two weeks, according to reports. Any extension of the mechanism can be repeated in 15 days, during the next session of the ECB’s board of directors.

The decision comes in the wake of a record outflow of deposits from Greek banks on Wednesday. Although the exact figure has not been finalized, banking sector sources said outflows are in the 1-billion-euro range.


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