9231
Greek Central Bank Seeks ECB Help
World Economy

Greek Central Bank Seeks ECB Help

Greece's central bank has moved to protect its banks from any fallout from the coming general election, asking the European Central Bank to approve a stand-by domestic emergency funding line, a Bank of Greece official said on Saturday, Reuters reported.
The move comes after two major banks applied to be able to tap an emergency liquidity assistance (ELA) window on Friday as Greeks withdraw cash before the snap election on Jan. 25.
"We have sent a request to the ECB on ELA approval for all four major banks to have a shield for the banking system," the official said, declining to be named.  "It is up to each bank to decide whether it will use the funding line."
Greece's radical left-wing Syriza party is leading in polls. It wants to end austerity and renegotiate debt with its European partners. Under ELA, national central banks can lend to commercial banks but have to get approval from the ECB to do so.
Greek banks relied on it heavily at the peak of the debt crisis in 2012 but had repaid it by early last year.

 

Short URL : http://goo.gl/bnJkYM

You can also read ...

China is likely to develop a major overcapacity in production of industrial robots. This will tend to result in building too many factories, and that in turn means price-dumping on global markets.
The Chinese government has adopted a 'Made in China 2025'...
The Trump administration has expressed interest in combating America’s trade deficit with individual countries like China and Mexico.
As the nation was reeling from the racially charged violence...
China mainland stocks enjoyed some of  the steepest gains.
Emerging stocks and some currencies ended the week on a sour...
Brazil Showing Signs of Recovery
Economic activity in Brazil expanded at a faster pace than...
Academia and business leaders have expressed confidence in the bloc to drive world economic growth.
Academics and business leaders from developing countries...
Consumer confidence in Singapore has picked up.
Singapore residents were significantly more optimistic about...
Russia Continues With Privatizations
Russia’s Economy Ministry is continuing with the sale of state...
Fitch Upgrades Greece Debt
Credit rating agency Fitch on Friday upgraded Greece’s debt by...

Trending

Googleplus