ELA fund­ing to Greek banks drops 7 per­cent

Kathimerini English - - Focus -

Emer­gency cen­tral bank fund­ing to Greek lenders dropped by 2.8 bil­lion euros, or 6.9 per­cent, in June com­pared to the pre­vi­ous month, Bank of Greece data showed yes­ter­day. Emer­gency fund­ing, which is more costly than bor­row­ing from the Euro­pean Cen­tral Bank, dropped to 37.9 bil­lion euros from 40.7 bil­lion at the end of May, the data showed. Greek banks have re­lied on emer­gency liq­uid­ity as­sis­tance (ELA) drawn from the Greek cen­tral bank since Fe­bru­ary 2015 af­ter be­ing cut off from the ECB’s fund­ing win­dow due to stalled bailout talks be­tween the gov­ern­ment and its of­fi­cial lenders. Their de­pen­dence on the ELA emer­gency life­line has de­clined since June last year when the Euro­pean Cen­tral Bank rein-

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