New emergency loans for Greek banks – THE WORLD

The Greeks evacuate money from their accounts. On Thursday alone customers have withdrawn more than one billion euros, said bank representatives. The European Central Bank (ECB) is to reportedly unsure whether Greece’s banks on Monday still be able to open their counters.

Should the Greeks their financial institutions through bring a “bank run” to falter, the situation could worsen dramatically. Still, the situation appears under control. “There are no queues or panic, it is a quiet and gradually phase of withdrawals,” said one banker. Fed chairman Jannis Stournaras explained that banks are stable. From Monday to Wednesday, the pace of withdrawals, however, had tripled to a total of two billion euros. Thursday inclusive flowed this week 2.2 per cent of the end of April, managed customer deposits from.

document The figures show that more and more Greeks cash hoard to potential for a state bankruptcy equipped to be. For the second time within a week, the ECB has therefore expanded the financial scope for the Greek banks. The framework for emergency loans has been increased to around two billion euros, according to financial circles. This would be the strongest increase since the Greek banks are dependent on liquidity support. Finally, the ECB increased the credit line on Wednesday by 1.1 billion euros to 84.1 billion euros. This loan program is currently the main source of funding for financial institutions in Greece . It’s an emergency instrument the European System of Central Banks and to temporary shortages of cash and cash equivalents balance of banks. The loans are granted under worse conditions than usual ECB loans. In addition, only banks receive aid, which are classified by the ECB as creditworthy.

Greek Prime Minister Alexis Tsipras is betting that at the meeting of Heads of State and Government on Monday an agreement succeeds. By contrast, the spokesman for the German government, Steffen Seibert said Greece must agree in advance with the European Commission, the IMF and the ECB on reforms. Otherwise would have only advisory functions of the special summit. Finance Minister Wolfgang Schäuble (CDU) said that without an agreement was not possible a withdrawal from the running utility: “We are waiting for credible proposals from Greece.” The Minister of Finance to prepare the Euro Summit in a preceding meeting on Monday afternoon. Schäuble said that previously lacked for the substance. He was not sure if he could proclaim sensational news on Monday, he dampened expectations. “We are all not particularly enthusiastic.”

The aid program for Greece ends on June 30 – and thus also the right to further assistance of up to 18 billion euros. At the same time a repayment to the IMF of 1.6 billion euros will be charged. Tsipras refused further savings in comparatively expensive pension system strictly, to penetrate the funders. To all who were betting on “terrorist scenarios” that he would prove them wrong. A parliamentary committee in Athens told the country’s debt to be illegal. The reform targets the donors violated the human rights of the Greeks.

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