The European Central Bank (ECB) tightened the noose on Greece’s banks on Monday (6 July), refusing to increase liquidity assistance.
In a widely anticipated move, the ECB’s governing council rejected a request by the Greek government to increase emergency liquidity assistance (ELA) to its banking sector by a further €3 billion, leaving it frozen at €89 billion.
It also increased its requirements for the assets which Greek banks must present in order to access the cash.
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Already a member? Login hereBenjamin Fox is a seasoned reporter and editor, previously working for fellow Brussels publication Euractiv. His reporting has also been published in the Guardian, the East African, Euractiv, Private Eye and Africa Confidential, among others. He heads up the AU-EU section at EUobserver, based in Nairobi, Kenya.
Benjamin Fox is a seasoned reporter and editor, previously working for fellow Brussels publication Euractiv. His reporting has also been published in the Guardian, the East African, Euractiv, Private Eye and Africa Confidential, among others. He heads up the AU-EU section at EUobserver, based in Nairobi, Kenya.