ECB Maintains Level of Emergency Liquidity Assistance to Greece

Picture taken 22 January 2015 shows the headquarters of the European Central Bank (ECB) in Frankfurt am Main, Germany. Photo: EPA

Following the meeting of its Governing Council on Sunday, the European Central Bank (ECB) decided to maintain the ceiling of Emergency Liquidity Assistance (ELA) to Greek banks at its Friday level.

ECB noted the decision of Greek authorities to hold a bailout referendum on July 5 and the non-prolongation of the EU adjustment programme for Greece.

However the Governing Council has readiness to review its decision and is closely monitoring the situation and the potential implications for the monetary policy stance.

ECB President Mario Draghi assured that the ECB continued to work closely with the Bank of Greece and endorsed the commitments of member states to address the fragilities of euro area economies.

Yannis Stournaras, Bank of Greece Governor said that the bank will take all measures to ensure the financial stability for Greek citizens in these difficult circumstances.

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