Kathimerini English - - Focus -

Cen­tral Bank, dropped to 3.58 bil­lion eu­ros from 4.49 bil­lion eu­ros at the of Au­gust, the data showed. Greek banks have re­lied on emer­gency liq­uid­ity as­sis­tance (ELA) drawn from the 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 cred­i­tors. Their de­pen­dence on the ELA emer­gency life­line de­clined sharply af­ter June 2016, when the ECB re­in­stated banks’ ac­cess to its cheap fund­ing op­er­a­tions. How­ever, with Athens out of its bailout pro­gram since Au­gust 21, the ECB has ended the waiver that made Greek gov­ern­ment bonds el­i­gi­ble col­lat­eral for its cheap fund­ing.

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