borrowing directly from the ECB. In June last year the ECB reinstated Greek banks’ access to its cheap funding operations, allowing lenders to reduce their dependence on the emergency liquidity lifeline. ELA funding to Greek lenders dropped by 2.8 billion euros, or 6.9 percent, to 37.9 billion euros in June compared to the previous month.
Germany’s DIHK chambers of commerce said yesterday that it was difficult to imagine German companies investing in Turkey given the uncertainty created by deteriorating ties between the two countries. “Uncertainty among German companies has been felt significantly since the failed putsch,” DIHK foreign trade chief Volker Treier told Reuters after Germany cast doubt on Turkey’s aspirations to join the European Union and issued new travel advice warning of risks to German citizens there.