ECB raises well ELA-limit for Greeks, the highest increase since February – THE WORLD

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(Bloomberg) – The European Central Bank has available for Greek banks emergency liquidity According to informed sources increased by EUR 2.3 billion.

The Governing Council raised the ceiling for so-called Emergency Liquidity Assistance (ELA) to report in a conference call on Wednesday to 83 billion euros, as informed people. The increase is the largest since 18 February. The write-downs on the securities used as collateral for loans left its Fed unchanged, as previously reported from the districts. An ECB spokesman declined can not comment on.

The ECB shall endeavor to find a middle ground, in which it holds the Greek banks in working order and at the same time Greek central bank to hedge, which awards the aid. Greece is drifting towards a default.

ELA “must be weighed against the risk to plunge the whole of the Greek financial system,” ECB Executive Board member Yves Mersch said on Monday in Frankfurt. “The risk of a ‘no’ would plunge an entire financial system into chaos.”

The emergency aid is intended to replace the deposit outflows from Greek banks given the uncertainty about the future of the country , This week, the international negotiations have stalled, after Greece presented a plan to reduce the budget deficit, the creditors einstuften unsuitable as informed persons reported.

” Since the risk of default increases, possibly leading to a ‘random’ exit from the euro zone, the deposit outflows are likely to continue, “the analysts wrote Philippe Gudin and Antonio Garcia Pascual of Barclays Plc in a study. “If there is in the coming weeks, insufficient progress and if the creditor does not officially extend the expired in June program, we believe it is highly likely that the euro system, Greek banks can not finance under the same conditions continue.”

Total has increased by more than 23 billion euros in February the volume available for ELA. At that time, the ECB had ruled out Greek banks from its regular refinancing operations. The Governing Council shall review the volume week and may limit the funding. He may also decide higher haircuts on the collateral, the deposit banks for loans.

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