ECB lowers ELA to Greece ahead of Eurogroup

5 May 2016
854 Views

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

Greek real estate market still strong despite Covid-19 pandemic, report shows
FINANCE
shares17 views
FINANCE
shares17 views

Greek real estate market still strong despite Covid-19 pandemic, report shows

Panos - Jul 29, 2021

The Greek real estate market is demonstrating resilience in 2020 despite the fact that the pandemic had an overall negative impact on the…

Vaccinated travellers entering the UK from EU and USA will not be quarantined
TRAVEL
shares11 views
TRAVEL
shares11 views

Vaccinated travellers entering the UK from EU and USA will not be quarantined

Panos - Jul 29, 2021

Fully vaccinated travellers entering the UK from the European Union and the United States will not need to be quarantined…

EU signs deal for monoclonal antibody therapy
GREECE
shares13 views
GREECE
shares13 views

EU signs deal for monoclonal antibody therapy

Panos - Jul 29, 2021

The European Union has signed a contract with GlaxoSmithKline for the supply of up to 220,000 treatments of its investigational monoclonal antibody…

Leave a Comment

Your email address will not be published.