All eyes are on the ECB which decides on the Greek bank ELA, as well as the bonds program. This is taking place at a time when deposits outflows from Greek banks are continuously rising.

The ECB’s discussion process for the Greek banks’ ELA has begun, and valid sources have stated that the liquidity of Greek banks is expected to be reinforced tomorrow, with an urgent influx of money.

These aforementioned sources also discussed that the ECB will, from now on, be the one to approve any financing of Greek banks, on a weekly basis.

This means that every single week, the Bank of Greece will submit applications and wait for approval on monetary sums that must be given in order to support the Hellenic banking system.

Thus banks will be fully under the “yoke” of ECB liquidity, since the latter’s board of directors will be able to cease said liquidity influx at any point if it considers that this action would hinder the European system’s goals or progress.

At the same time, according to newmoney.gr’s banking sources, this has been a difficult day for the Greek banking system, with deposits outflows reaching up to 1.5 billion euros, so far.

The ECB board’s decision, which will be announced tomorrow, is crucial for the approval of the purchase of state and company bonds by the central bank.

All of the above have been met with skepticism and resistance by the German government. The prevalent opinion in Athens is that the ECB will not outright resist purchasing of Greek T-bills but will demand that Greece is in a fiscal program.