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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]
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