ECB Said to See Greek Bank Holiday Needed as ELA Dries Up
This article is for subscribers only.
The European Central Bank is of the opinion that Greece will need to impose a bank holiday to stem deposit outflows as liquidity dries up, according to a person familiar with the ECB’s thinking.
The level of Emergency Liquidity Assistance available to the Greek banking system is insufficient to cover lenders’ needs, the person said, asking not to be identified as the information isn’t public. An ECB spokesman declined to comment. The decision to impose a bank holiday is the responsibility of the Greek government or the country’s central bank.