The European Central Bank (ECB) plans to boost liquidity in the Greek economy and banking system, revealed ECB President Mario Draghi. The European central banker clarified that the institution was negative to a hair-cut on Greek depositors the form of a ‘bail-in’, in the event of a restructuring of a Greek bank. He made it clear, however that he was not against bank bond and shareholders taking a ‘hit’ through a hair-cut. “The participation of ordinary depositors in a hair-cut would be negative and counter-productive for growth, and would hurt the economy. Thousands of small depositors and small and medium sized businesses would fall victims. In contrast there are no similar concerns for bond holders”, said Draghi. The Italian banker pointed out that Greek bonds were not eligible to be included in the quantitative easing plan as long as the country was in a fiscal adjustment program. Meanwhile, according to Reuters, the Emergency Liquidity Assistance (ELA) to Greek banks was reduced by 600mln Euros.