ECB lowers ELA to Greece ahead of Eurogroup
As Greece is preparing for another Eurogroup meeting on May, to discuss its economic programme review with EU Finance Ministers, the European Central Bank (ECB) has lowered the borrowing ceiling to Greek banks by 300 million euros, reports have said on Thursday.
The Emergency Liquidity Assistance mechanism (ELA) was lowered to 69.1 billion euros on Thursday the ECB said after accepting a request made by the Bank of Greece to lower the borrowing ceiling, as a result of a reduction in uncertainty and the stabilisation of deposit flows in the private sector.
As such, on May 9 the sustainability of Greece’s public debt is expected to be discussed for the first time at a Eurogroup level.
According to the main points of the agenda, the Eurogroup will hold an emergency meeting on Monday in Brussels to discuss the progress of Greece’s macroeconomic adjustment programme.
Discussions will focus on the comprehensive package of policy reforms and the sustainability of Greece’s public debt.
“Both issues must be discussed in order to conclude the first programme review and disburse further financial aid to Greece,” according to the statement of the Eurogroup.
You may be interested
Lotto results: Saturday 26 May 2018Panos - May 26, 2018
The winning numbers from the Lotto draw on Wednesday 23 May are as follows:
Turkey blasts Greece over decision to grant asylum to 8 Turkish officersmakis - May 25, 2018
The Turkish Foreign Ministry’s spokesman described the decision by the Greek legal system to grant asylum to the eight Turkish…
Moving moments as Pontian Greeks sing at Harry Klynn’s funeralmakis - May 25, 2018
Greek comedian Vassilis Triantafyllidis, known by his stage name “Harry Klynn”, was laid to rest in Kalamaria at the Church…