ELA fund­ing keeps drop­ping

Kathimerini English - - Focus -

Emer­gency cen­tral bank fund­ing to Greek lenders dropped by 2.41 bil­lion eu­ros or 7.8 per­cent in Septem­ber 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 28.49 bil­lion eu­ros from 30.9 bil­lion eu­ros at the end of Au­gust, 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 win-

Tourism and construction. Tourism ap­pears to be pow­er­ing construction, as ELSTAT fig­ures showed yes­ter­day that the 10.7 per­cent an­nual growth in build­ing in the year to end-July was cen­tered around re­gions of Greece with a strong in­crease in vis­i­tors, such as Crete (pic­tured), At­tica, the Io­nian Islands and the North­ern Aegean.

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