ELA funding keeps dropping
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.