ECB lowers ELA to Greece ahead of Eurogroup

5 May 2016
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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.

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