Europe to the edge
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.