Beware of Greeks.
Bearing NOTHING.
Two Greek systemic banks submitted the first requests to the Bank of Greece for cash via the emergency liquidity assistance (ELA) system , sources told Kathimerini.
It is thought that requests from the remaining Greek banks will follow in the next few days.
The move came in response to the pressing liquidity conditions resulting from the growing outflow of deposits as well as the acquisition of treasury bills forced onto them by the state.
Banks usually resort to ELA when they face a cash crunch and do not have adequate collateral to draw liquidity from the European Central Bank, their main funding tool. ELA is particularly costly as it carries an interest rate of 1.55 percent, against just 0.05 percent for ECB funding.
RUN! Swim!
Greek banks make requests for ELA funding (Ekathimerini)
(Dailywhat)
Can someone please translate?
Doe this mean there there is another Greek crises? A continuation of the current one? I lose track.
Its the old crises, just that no one has stepped in to kick the can down the road yet, presumably something to do with politics.
So it will all come to a head or not, or something. Feck it its Greece again…!
They make us look great by comparison.