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Sunday, June 28, 2015

#ECB Said to See #Greece Bank Holiday Needed as #ELA Dries Up #madmoneyfund

#ECB Said to See #Greece Bank Holiday European Central Bank is of the opinion that Greece will need to impose a bank holiday to stem deposit outflows as liquidity dries up, according to a person familiar with the ECB’s thinking.El BCE mantiene la liquidez de emergencia a los bancos griegos. #economia
The level of Emergency Liquidity Assistance available to the Greek banking system is insufficient to cover lenders’ needs, the person said, asking not to be identified as the information isn’t public. An ECB spokesman declined to comment. The decision to impose a bank holiday is the responsibility of the Greek government or the country’s central bank.
The ECB decided on Sunday to cap ELA at current levels after Prime Minister Alexis Tsipras’s government quit talks with international creditors to resolve the country’s debt crisis on Friday and called a referendum on the terms of the bailout program.#ECB Freezes Greek Emergency Bank Aid as Referendum Looms #GreeceCrisis #madmoneyfund #RT #banking #aid #union The gambit risks putting the country on the path to a debt default, capital controls and potentially an exit from European monetary union.
The ECB’s Governing Council is currently capping the amount of emergency cash available to Greek banks at just below 89 billion euros ($99 billion). Needed as #ELA Dries Up

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