The European Central Bank has increased the Emergency Liquidity Assistance (ELA) funding ceiling for Greek Banks by 500 million euros, according to international media reports.

That means that Greek banks can now access €68.8 billion euros, to cover their liquidity shortages.

Albeit marginal, this increase indicates the continued dependence of the Greek banks on the ELA mechanism for liquidity, which is more expensive than the ECB.

The ECB will reconsider the request of the Greek banks to redefine the ELA funding ceiling in 15 days, although the possibility of an intervention next week cannot be ruled out, as a critical Eurogroup meeting is scheduled for Monday, March 9.