The Bank of Greece has announced that the governing council of the European Central Bank has reduced Emergency Liquidity Support (ELA) provided to Greek banks by 3.8 billion euros.
Following the reduction, which was carried out at the request of the Bank of Greece, the ELA ceiling for Greek banks amounts to 72 billion euros. The reduction, as explained by the Bank of Greece, reflects the improvement of liquidity in the Greek economy.
In its statement the Bank of Greece referred to the reduction of uncertainty and stabilization of private sector deposits flows, as well as the progress achieved in the recent recapitalization process of Greek banks.
