Bloomberg News

ECB Stops Loans to Some Greek Banks as Draghi Talks Exit

May 20, 2012

The European Central Bank increased the limit of the Emergency Liquidity Assistance program for Greek banks to 100 billion euros ($127.8 billion) from 90 billion euros, Der Spiegel reported, without saying where it got the information.

The decision was taken at the May 15 meeting of the ECB council, the magazine said in a preview of an article for its next edition. The ELA program allows the Greek central bank to supply liquidity to lenders cut off from regular ECB refinancing because they can’t provide adequate collateral.

To contact the reporter on this story: Karin Matussek in Berlin at kmatussek@bloomberg.net

To contact the editor responsible for this story: Anthony Aarons at aaarons@Bloomberg.net


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