European Central Bank is expected to re-introduce a waiver in accepting Greek bonds as collateral for refinancing the Greek banks during its next meeting to take place in June 2, in Vienna.

According to sources, the decision will be taken if there is a successful outcome of the Eurogroup meeting to be held in May 24, resulting to an agreement with creditors and completion of program review.

Such a development will have a positive economic effect to Greek banks estimated at 5-6 billion euros.

It will replace liquidity currently draining from the Emergency Liquidity Assistance mechanism (ELA) with liquidity draining directly from ECB at a much lower cost.

However, this development is not expected to pave the way for Greece’s inclusion in ECB’s QE program, as sources said, since ECB would need first an agreement on Greek debt relief before accepting to include Greek bonds in the program.