Greek banks cut borrowing from ELA‏

Gazzetta team
Greek banks cut borrowing from ELA‏
Greek banks are gradually reducing their borrowing from the Emergency Lliquidity Assistance mechanism (ELA) as the imposition of capital controls in the country stabilized deposits.

The Bank of Greece asked the European Central Bank, during an ECB board meeting on Tuesday, to reduce the ceiling of borrowing from ELA by 1.0 billion euros to 87.9 billion euros until Thursday, 22 October. The Bank of Greece said that this development reflected an improving liquidity in Greek banks.