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Greek banks cut borrowing from ELA to zero

The Greek banking system has returned to normality after bringing its dependence on the Emergency Liquidity Assistance (ELA) mechanism down to zero, banking sources told the Athens-Macedonian News Agency (ANA) on Wednesday.

The sources said that Attica Bank was the last remaining Greek bank to cut borrowing from the liquidity mechanism.

Borrowing needs from ELA capital totaled 17.43 billion euros on January 1, 2012, falling to 4.49 billion in August 2018 when Greece officially exited the memorandum.

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