Greeks Celebrate Independence as EU Creditors Discuss Their Fate
ECB Doing Best For Greece Within Treaty Limit:Gudin
Greeks celebrate their independence Wednesday with a military parade and a folk-music festival sponsored by the Ministry of Defense, as European officials more than 1,000 miles away review the financial aid that will shape their future.
The European Central Bank Governing Council will hold a weekly call to assess the Emergency Liquidity Assistance keeping Greece’s banking system afloat while euro-area finance ministry officials will have a separate discussion on the progress of the country’s economic policy program. Without access to capital markets, or the ECB’s normal financing operations, Greek banks rely on almost 70 billion euros ($76 billion) of ELA to cover a financing shortfall exacerbated by steep deposit withdrawals.