ECB crisis meeting on the debt crisis: Athens banks concerned – tagesschau.de

Date: 06/19/2015 12:38 clock

After the failed summit of euro zone finance ministers, the Greek banks are slowly serious concern: Many Greeks take off large sums of cash. The ECB must now decide whether to continue to support the banks.

The fear of a “bank run” in Greece is because, convened an emergency meeting at the European Central Bank: The monetary authorities are discussing today in a Notschalte about the tight financial situation the Greek banks. Corresponding reports were confirmed in financial circles. Because Greece’s banks desperately need fresh money they get through – even after the meeting of euro zone finance ministers -. Unresolved debt dispute between Athens and its funders are increasingly under pressure

Anxious consumers and businesses draw from uncertainty about the progress of the crisis on deposits at high altitude. Some of the money is going abroad, some of them are hoarded as cash. In banking circles in Athens is of impending bottlenecks in the cash supply the speech. Many customers picked up at the counter more money than the ATM is possible

Greek banks anxious

Therefore, Greek banks are now hoping the ECB – and a renewed expansion of ELA-emergency loans. A spokesman for the European Central Bank wanted the information not comment, but according to the districts the members of the Governing Council will be advised by phone on a request of the Greek Central Bank. These have asked for a further increase in ELA loans by more than three billion euros. Only on Wednesday, the ECB had approved an extension of the ELA-aids to 1.1 billion to 84.1 billion euros. In recent months, the emergency loans had been steadily expanded.

ELA stands for “Emergency Liquidity Assistance”. The aid is not granted by the ECB directly, but by the respective national central bank, which is also liable for possible losses. The Governing Council has to approve the grant but. Strictly ELA loans may only be awarded to banks that have only a temporary financial bottleneck. Basically, the financial institutions must but solidly positioned, so be solvent. Critics doubt that this still applies to Greek banks

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decision on Monday?

Should the ECB set the ELA-aids that Greek banks would need the billion already granted to repay relatively quickly – what they can not in fact. If the ECB does not agree to a further widening of the credit facility, the Greek government may be forced, even before opening of the country’s banks on Monday to impose capital controls to keep more cash outflows within manageable limits. It is also conceivable that the Governing Council as of Greece requested further ELA aids granted overlooking the emergency meeting of heads of state and government of the euro countries on Monday.

The chief economist of Commerzbank , Jörg Krämer, considers this scenario more likely, he said in an interview with “Time Online”: “I do not think that the ECB will fully adjust ELA loans because that would in fact amount to a sacking of Greece from the monetary union . ” Also freeze the upper limit of these loans he expects therefore the earliest when the special summit should also bring any result on Monday. Because the ECB wanted to policy decisions do not prejudge

The Greek banks depend for months on ELA-drip. <- - Info box!>: From the usual supply of fresh central bank money are mostly cut off. Because a large part of their collateral – Greek government bonds -. Are not currently accepted by the ECB as collateral because they are too poor rated

The Greek Government assured, however, that the banking system is stable and will set up with joint actions of central banks and the ECB. According to a press report, the government designs but out of concern for a default plans for the proper supply of fuels. As the Athens newspaper “Ta Nea” reported, are gasoline and diesel for about nine months in stock.

special summit on Monday

The leaders of the euro zone want at a special summit on Monday to try to find a solution to the deadlocked debt dispute with Greece. The meeting could be the last chance for a breakthrough, because the end of the month is threatening the country’s inability to pay.

The lenders want only administer more aid money if Greece a reform and austerity program agrees. Even before the Summit of Heads of State and Government want the euro zone finance ministers – put together again

Steamed expectations in Berlin

The federal government has dampened expectations for the summit: The round of state and government can take decisions only when Greece had previously agreed with the IMF, ECB and EU Commission, said spokesman Steffen Seibert. . “Otherwise, the summit just a consultation summit,” he added

Greek Prime Minister Tsipras warned now again before a withdrawal of his country from the euro: This would be the “beginning of the end of Euro zone “. The Grexit could “not be an option, neither for the Greeks nor for the European Union,” Tsipras told the Austrian daily “Kurier”. A euro exit would be an “irreversible process”. Europe had up to now “always moves toward unity. A change of direction” would mean the failure of the European idea “.