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ECB toughens terms on Greek lifeline Financial Times, July 6 <http://www.ft.com/intl/fastft/355591> The eurozone's central bankers have toughened the terms of its lifeline to the Greek banking system, raising the discounts — or haircuts — on the collateral Greek banks are swapping for their emergency funding. The move, made by the European Central Bank's governing council on Monday, means Greek lenders will have to stump up more assets in exchange for the Bank of Greece's Emergency Liquidity Assistance, Claire Jones reports. The ECB refused to disclose the size of the new haircuts, but all four of Greece's main banks are thought still to have enough collateral available to roll over their emergency loans. Two people on the governing council objected to the decision, according to Eurosystem sources. Both of the objectors wanted the ECB to take stronger measures. The governing council left the ceiling on Emergency Liquidity Assistance from the Bank of Greece frozen at €89bn, but said in a statement that the financial situation of Greece "has an impact on Greek banks since the collateral they use in ELA relies to a significant extent on government-linked assets." Greek banks were thought to be using government bonds and government-backed bank debt to access loans worth just below €50bn. "In this context, the governing council decided today to adjust the haircuts on collateral accepted by the Bank of Greece for ELA," the ECB said in a statement. On Mon, Jul 6, 2015 at 12:31 PM, Dayne Goodwin <daynegood...@gmail.com> wrote: > European Central Bank maintains funding for embattled Greek banks > by Griff Witte and Michael Birnbaum > Washington Post, July 6 > <http://www.washingtonpost.com/world/greeks-reject-bailout-offer-in-landslide/2015/07/06/827b840f-f803-443d-a478-5d257b1af1fe_story.html> > > [WaPo reports ECB's ELA funding level at $98B, it is actually $89B] _________________________________________________________ Full posting guidelines at: http://www.marxmail.org/sub.htm Set your options at: http://lists.csbs.utah.edu/options/marxism/archive%40mail-archive.com
