ELA sought by Greek banks shrinks anew

Emergency central bank funding to Greek lenders fell by 3.1 percent, or 2.07 billion euros, in May compared to the previous month, Bank of Greece data showed on Monday.

Banks have relied on emergency liquidity assistance (ELA) drawn from the Greek central bank since February last year after being cut off from the ECB’s funding window due to stalled bailout talks between the government and its official lenders.

Emergency funding, which is more costly than borrowing from the European Central Bank, dropped to 64.81 billion euros at the end of May from 66.88 billion in April, the data showed.

[Reuters]