Europe to the edge

Finweek English Edition - - IN THE NEWS -

over €11bn in Jan­uary.

From t he end of Fe­bru­ary, t hey have to rely on emer­gency l iq­uid­ity as­sis­tance ( ELA), usu­ally ob­tained from cen­tral banks but with the ECB’s prior knowl­edge and ap­proval. The ECB has, in the past, re­fused ELAs for Ire­land and Cyprus.

Ne w p r i me mi n i s t e r A l e x i Tsipras and his f i nance min­is­ter Ya­nis Varo­ufakis, who had asked for a debt re­duc­tion, among other things, are re­port­edly go­ing to ask for bridg­ing f inance un­til a new plan is on the ta­ble. Greece’s to­tal debt is around € 320bn, or 174% of GDP.

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