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Draghi breathes life into Greek banking system. Increases ELA by €900 million

Draghi breathes life into Greek banking system. Increases ELA by €900 million

Via Zerohedge…

The biggest unknown in today’s ECB Q&A was whether Mario Draghi would agree to raise the Greek ELA, and moments ago we go the answer:

  • DRAGHI SAYS ECB RAISED GREEK EMERGENCY BANK AID THURSDAY
  • DRAGHI SAYS CONDITIONS TO INCREASE ELA HAVE BEEN RESTORED
  • DRAGHI SAYS ECB ACTS ON ASSUMPTION THAT GREECE IS EURO MEMBER

Specifically, Draghi said that “The decision to raise ELA again today is symmetrical to the decision we took a few days ago to freeze ELA.

And as to how much:

  • DRAGHI SAYS ELA INCREASE WILL BE €900 MILLION OVER ONE WEEK

So now the question becomes on what day will the Greek banks reopen, and what will be the popular response: will the population rush to deposit the money they have pulled out, or vice versa, will this opportunity to withdraw even more be promptly consumed.

And with Draghi’s breath of life we have Reuters reporting that “Greek banks will reopen on Monday, a senior banker told Reuters after the European Central Bank decided to increase emergency funding.”

References:

http://www.zerohedge.com/news/2015-07-16/ecb-rasies-greek-ela-draghi-comments

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