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Stealth Greek Bank Run Continues: ECB Hikes Emergency Lending To EUR 65 Billion

It would appear the un-sourced rumors of Greek banks having used up their Emergency line of credit with the ECB are true. Following a hastily put together conference calls this morning:

  • *ECB RAISES GREECE ELA ALLOWANCE TO EU65BN: FAZ

Up from the previous EUR59.5 Billion. It appears the stealth bank run in Greece is showing no signs of slowing.

As Reuters repiorted yesterday,

The ECB moved Greek banks onto ELA last week after it ended a waiver on the quality of the nation’s debt it acceptsas collateral amid doubts that the newly elected government will conclude its aid program.

 

Greek banks have almost exhausted the 59.5 billion euros granted by the ECB, Skai Television reported yesterday, without saying how it got the information.

And so today, as Bloomberg reports,

*ECB DECIDED ON GREEK ELA ALLOWANCE IN TELEPHONE CONFERENCE: FAZ

 

The ECB’s Governing Council held a phone conference Thursday to raise the allowance for the Greek central bank to provide Emergency Liquidity Assistance by 5 billion euros, FAZ reports, without saying where it got the information.

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