The European Central Bank (ECB) announced to further reductions in the borrowing ceiling for Greek banks after a request by the Bank of Greece.
The ECB’s borrowing ceiling through the Emergency Liquidity Assistance mechansim (ELA) has changed by 900 million euros to 86 billion to reflect the improved liquidity in Greek banks in the framework of declining uncertainty. The move is positive, signalling a stabilization in bank deposit flows in the private sector.