ECB lowers borrowing ceiling for Greek banks
European Central Bank further lowered the borrowing ceiling for Greek banks through the Emergency Liquidity Assistance mechanism (ELA) to 72 billion euros, the Bank of Greece said on Thursday.
The central bank, in an announcement, said that ECB’s board approved Bank of Greece’s request to lower the borrowing ceiling by 3.8 billion euros until Thursday, 21 January.
The decline in the ELA borrowing ceiling reflects an improving liquidity of Greek banks as uncertainty eased that private sector deposit flows stabilized. A successful recapitalization exercise of Greek banks was an additional positive factor.
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