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  • European Central Bank raises ELA ceiling for Greek banks

    The European Central Bank announced that it has increased the Emergency Liquidity Assistance towards Greek banks…

    The European Central Bank announced that it has increased the Emergency Liquidity Assistance towards Greek banks, following a early morning meeting, at the request of the Bank of Greece.

    Sources from the ECB noted that they will convene to decide on further raising the ELA ceiling in the next 24 hours, should it be deemed necessary. So far Greek banks have received over 90 billion euros from the European Central Bank’s ELA mechanism.

    Earlier, the head of the German Central Bank Jens Weidmann told Reuters that there were serious concerns amongst his colleagues over the continued funding of Greek banks via the ELA.

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