Money Drip is easily changed: ECB increased emergency aid for Hellas-banks – n-tv.de NEWS

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 Tuesday, May 12, 2015

 
 
 

 
 In order to prevent a collapse of Greek banks, the ECB proceeds to action. The sets the upper limit for liquidity support of the Greek central bank upwards. German Finance Minister Schäuble again deplored the lack of willingness to reform the Athenian government.
 

 
 

The European Central Bank (ECB) leaves According to insiders, the Greek banks continue to drip on the money. The upper limit for liquidity support the Bank of Greece for Hellas-financial institutions has been increased by 1.1 billion to now EUR 80 billion, it said by insiders from the banking industry.

At the beginning of the week, the euro zone finance ministers had progress in the tough discussions found in the debt dispute with the Greek Government. The banks threatened by insolvency Mediterranean country are now heavily on the liquidity injections – called in technical jargon “ELA” – the Athens central bank instructed. Because the institutions are largely cut off from the direct money supply via the ECB, since this for some time with poor credit ratings Greek bonds will no longer accept as collateral for fresh money.

The European monetary authorities decide now a week on increasing the ELA aids. With the increase in single steps, ECB President Mario Draghi keeps up the pressure on Athens, with the international lenders to find a solution in the debt dispute.

Poorer economic and budget data

Meanwhile, criticized a lack of willingness to reform the left-right government in Greece German Finance Minister Wolfgang Schäuble. “It remains the case that there has been little moved,” the CDU politician said in Brussels facing difficult negotiations between donors and Athens on a comprehensive reform package. This plan is a prerequisite for the paying out of 7.2 billion euros blocked aid to Athens.

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The expert talks are to supplementary information provided by the EU -Commission continued in the coming days to find a solution. For reforms in the administration, in pensions or in the labor market, the movement is very small, so Schäuble. “The insight seems to grow a little bit.”

The CDU politician also drew attention to the deteriorating economic and budget data for Greece. Thus, the EU Commission expects for the current year only a slight economic growth of 0.5 percent and a record-debt ratio of 180 percent of economic output.

Greece sees the ball in the debt dispute with his backers. It is all been done, what was possible and it was agreed at the Euro Group meeting in late February, a government official quoted Prime Minister Alexis Tsipras. Greece had shown that it respects the rules and the order of the euro zone, Tsipras said therefore at a cabinet meeting. “It is now up to our partners to take the necessary steps to turn to pay their respects democracy.”

  Source: n-tv.de
 

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