ECB are Greek banks more emergency loans – FAZ – Frankfurter Allgemeine Zeitung

      

 
 
 
 
 
     
 
 
 
 
 
 
 
 
         

 
 
 
 
 
          At the ATM: a growing fear of the run on the banks .
     

 
                                              

 
 
     
     
     
         
         
                                                             

The European Central Bank (ECB) has the so-called ELA emergency aid for the Greek banks again increased. This was told the FAZ.NET from Fed districts. From financial circles had heard that the Bank of Greece have asked for an increase of more than 3.5 billion euros – according to agency specifications approved the Euro monetary authorities but only one clear underlying surcharge by 1.8 billion euros

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A special feature: The 24-member Governing Council has decided that this time the relief is only short, namely by Monday, extended as FAZ.NET further learned. “The mood in the Governing Council will be critical,” it said. Therefore, there will be a conference call of the committee on Monday again. On the same day, the EU finance ministers, and the heads of government meet for a special summit on the Greek crisis.

                         
         
         
                                                             

Prior to making the other ELA emergency loans the fear got new food that Greek banks can no longer open if possible on Monday. After all, the EU finance ministers had achieved on Thursday night, no agreement in the debt dispute with Greece. As a result, rumors had arisen, the ECB is no longer safe because of the continuing outflow of client money, if the Greek banks can still open on Monday. During the meeting of euro zone finance ministers in Luxembourg anyway, to Euro group chief Jeroen Dijsselbloem the ECB Direktoriumsmiglied Benoit Coeuré have asked if the Greek banks could open on Friday. Coeuré replied: “Tomorrow yes. Monday – I do not know, “said report agencies

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Greek banking sources said attracted customers in just the first three days of the week around 2 billion euros off last Thursday, there should have been another 1.2 billion euros, writes the conservative Greek newspaper “Kathimerini”.

                         
         
         
                                                                                                                                                                                                                              

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For fear of Greek default, it is rational for bank customers to withdraw a lot of money from their accounts in order to transfer it abroad or to hoard as cash. This money then missing the banks in their daily operations. Because they are at the same time cut off from traditional refinancing via the ECB, they will receive from the Bank of Greece emergency aid (Emergency Liquidity Assistance), which must be approved by the Governing Council.

                         
         
         
                                                                                   

Greeks evacuate their accounts empty

 
  

 
 
 
                       

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ECB granted Greek banks reprieve

Now comes the rush to the Greek banks? The ECB helps again with even more emergency loans – but there is this time a close reprieve.

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