ELA Archives - Keep Talking Greece

Greek banks cut borrowing from ELA to zero

March 27, 2019 Economy Comments Off on 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. …

Bank of Greece links recent plunge of banks stocks to “interest rates rises”

October 10, 2018 Economy Comments Off on Bank of Greece links recent plunge of banks stocks to “interest rates rises”

The Bank of Greece has linked the latest developments in the Athens Stock Exchange and the plunge of Greek banks stocks to exogenous factors such as rises in interest rates internationally and in Greece’s neighbouring countries in particular. In a statement issued on Wednesday, the Bank of Greece stressed among …

ECB Draghi heralds “We increase ELA today” as Greeks wonder when banks will open again

July 16, 2015 Economy 1

“The European Central Bank will increase Emergency Liquidity Assistance for Greek banks today,” chief Mario Draghi said during a press conference on Thursday. The much expected decision comes after the ECB froze ELA on June 26th 2015 enforcing the Greek government and the Bank of Greece to impose bank holiday …

Greek Consulting Company to challenge ECB’s ELA decision before European Court of Justice

July 10, 2015 Economy 3

A Greek private equity and advisory firm started the proceedings to take the European Central Bank to the European Court of Justice requesting the annulment of June 28th and July 6th that froze the Emergency Liquidity Assistance to Greek banks thus creating an asphyxiating atmosphere to the Greek economy and …

Greeks holding their breath and money, with eyes fixed on Brussels

July 7, 2015 Economy, Society 38

“I have enough cash and enough food at home. Now, I sit and wait,” a friend told me this morning. Anna is extremely worried that creditors will let Greece down with whatever the cost for the society. “They want Greece out of the euro and the EU, whatever the government …

ECB chocks Greece: “ELA to Greek banks maintained, Haircuts on collateral for ELA adjusted”

July 6, 2015 Economy 21

The European Central Bank decided today to maintain and to not increase Emergency Liquidity Assistance to Greek banks, despite a request for an allegedly 3 billion ELA increase sent by Greek government on Sunday. Furthermore the ECB decided to “adjust” “haircuts on Greek collateral for ELA, although it did not …

Referendum final: NO 61.3%, YES 38.6%; SAMARAS resigns

July 5, 2015 Politics 77

Ballot boxes closed at 7 o’ clock in the afternoon. Immediately, several private television channels started to public results of public opinion surveys conducted among Greeks before and after they voted. However these results were not exit polls. Orange: NO Green YES Live Blog starts here 07:30 pm – First …

Eurogroup rejects Greece’s Program extension, ECB to decide on Wed on ELA, IMF after midnight

June 30, 2015 Economy 25

+++ Jeroen Dijsselbloem after Eurogroup meeting: “There could not be program extension, it expires tonight. The Greek proposal will be examined after the Referendum.” That was also Germany’s stance, to discuss again on Greece after the Referendum. A Eurogroup meeting via teleconference will be held 12:30 noon BE time (GR …

“Capital Controls”: Creditors’ latest scare-mongering mantra to increase pressure on Greece

June 16, 2015 Economy 10

The risk of capital controls is allegedly high as Greece rejects creditors’ absurd demands and dictates. The risk is considered “high” because the uncertainty pushes more and more savers to withdraw more and more money from the banks that on their part rely on Emergency Liquidity Assistance provided by the …

ECB leaves ELA level for Greece unchanged, while Greeks withdraw money like crazy: €300m just yesterday

May 27, 2015 Economy Comments Off on ECB leaves ELA level for Greece unchanged, while Greeks withdraw money like crazy: €300m just yesterday

The European Central Bank left the level of Emergency Liquidity Assistance available to Greek banks unchanged from a week ago, two people familiar with the matter told Bloomberg. “During a telephone call on Wednesday, the Governing Council left the cap on Emergency Liquidity Assistance at 80.2 billion euros ($87.6 billion), …

Stick and carrot for Greece but not a single cent before full reform list & some implementations

March 26, 2015 Economy 1

Grrece’s economic team writes and erases “structural reforms” and prepares the list the government is obliged to submit to the Institutions by Friday. Well… not exactly Friday. Make it Monday, March 3oth. At the same time, the country’s lenders increase the pressure in the usual stick & carrot manner maintaining …

ECB extends liquidity for Greek banks, increases funds with extra €3.3bn

February 18, 2015 Economy 4

Te European Central Bank has reportedly agreed to give a two-week extension on Emergency Liquidity Assistance for Greek banks and to raise the emergency funding available to Greek banks to €68.3bn.. “The €3.3bn increase in the so-called Emergency Liquidity Assistance (ELA) is critical for Greece’s banks,” note the BBC, adding …

Die Welt: ECB agrees to allow Bank of Greece up to €60bn via ELA

February 5, 2015 Economy 4

The European Central Bank agreed on Wednesday to allow Greece’s national central bank to grant its banks emergency funding of up to 60 billion euros ($68.5 billion), German newspaper Die Welt reported. The ECB had no comment on the report, which cited central bank sources. The ECB said late on …

German Bundesbank still sees risk of Greek euro exit

April 26, 2013 Economy Comments Off on German Bundesbank still sees risk of Greek euro exit

Germany’s central bank Deutsche Bundesbank sharply criticized the European Central Bank for the ways it handles the eurozone rescue and still sees risks for Greece to exit the euro area. In a 29-page report the Bundesbank analyses the risks of the euro rescue policies. The report was prepared by DB …

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