Greece: ECB raises Notkreditrahmen for Greek banks – Times Online

Greece: ECB raises Notkreditrahmen for Greek banks – Times Online

Greek central bank receives more money to support the institutions of the country. Meanwhile criticizes EU Commission President Juncker action by the troika.

Updates 18th February 2015 23:58 clock

ECB President Mario Draghi (Archive) | © Kai Pfaffenbach / Reuters

The European Central Bank (ECB) has slightly increased the scope of the emergency loans for the ailing Greek banks. As reported from ECB circles in Frankfurt am Main, the frame of the so-called ELA (Emergency Liquidity Assistance) was increased by 3.3 billion to 68.3 billion euros. The Greek central bank had, according to the information asked for about ten billion euros more, it said.

Just last week, the ECB according to data from the Greek central bank circles increases the scope for these emergency loans from 60 to 65 billion euros to help the Greek banks.

Since the ECB will accept for a week no Greek government bonds as collateral for loans more to the country’s banks need to get money on the ELA program of the Athens Central Bank. Loans are significantly worse conditions.

Juncker criticized Troika

Meanwhile, European Commission President Jean-Claude Juncker, the work of the international creditors Troika in Greece criticized. “It has really violated the dignity of peoples, especially in Greece,” Juncker told the European Economic and Social Committee, an EU advisory body. There had been mistakes, he said. Since Juncker was even at the time head of the Euro Group, he must be very self-critical. We need to draw lessons from

history, Juncker said.

He is currently examine how the Commission continue to participate in the work of the troika. Juncker hinted to demand a greater say for his authority. “It must be held talks on equal terms.” Among the current negotiations to resolve the debt dispute he declined to comment. Juncker had tried in the past few weeks, boosted by a mediating role between the Greek government and the other euro partners.

Varoufakis holds agreement for possible

Greece had on announced tomorrow to try to apply for an extension of the rescue program. Finance Minister Giani Varoufakis was optimistic that in this way a settlement with the euro-countries is still possible this week. “Our proposal will be written in a way that it covers the requirements of the Greek side and the chairman of the euro group” Varoufakis said. “We are on the right track. I am optimistic that it will turn out well tomorrow or the day after.” On the details of the application and in particular Athens demands for a renegotiation of the austerity measures he was not one.

The Euro group had been following the failure of negotiations this week, the left-led government through Friday time to an extension with ask austerity measures. The bailout program ends otherwise, on 28 February. If no agreement is reached by then, Greece could possibly be forced to abandon the euro.

Greek government wants poor individuals relieve

The Greek Financial Secretary Nadia Valvani announced on the evening in Athens, the Government proposes to adopt poor private individuals and companies a large part of the debt. Who will pay 200 euros of its outstanding debts to the State, which could be adopted across half of the remaining debt. Overall, 76 billion euros have accumulated on unpaid taxes and unpaid social security contributions, Valvani said. “But realistically only nine billion can actually be driven.”

The troika had already stopped similar plans of the ousted government. The rationale for this was that the Greek government need every euro.