ECONOMY

Greek banks have 1 billion euro liquidity, head of Greece’s banking association says

greek-banks-have-1-billion-euro-liquidity-head-of-greece-amp-8217-s-banking-association-says

Greek banks have a “liquidity cushion” of 1 billion euros but funds beyond Monday depend on the European Central Bank, the head of Greece's banking association said on Friday.

Greeks banks were shuttered on Monday for a week after the collapse of negotiations on a new aid deal to keep the country afloat, triggered by a government decision to call a referendum on the bailout terms.

“Liquidity is assured until Monday, thereafter it will depend on the ECB decision,” Louka Katseli told reporters. “The liquidity cushion we have is about 1 billion.”

[Reuters]