ECB to discuss another ELA extension on Monday morning
The ECB’s governing council will hold a special meeting on Monday at 11.30 a.m. Greek time to examine whether to raise the level of emergency funding for Greek banks, according to sources, after Greece’s banking system came under intense pressure with clients withdrawing billions in savings.
The meeting is being held at the request of the Bank of Greece, said a source who declined to give further details.
Sources said Greek pre-orders for deposit withdrawals for Monday had already reached 1 billion euros – after savers pulled over 4 billion euros out of their banks during last week.
The ECB already raised the level of funding through the emergency liquidity assistance (ELA) mechanism of the Bank of Greece for Greek banks on Friday for the second time in a week, although the precise amount is not known.
[Combined reports]
