ECB Awaits Athens Signal as Greek Banks Held in Limbo
In an assessment of Greece’s bailout request, the European Commission said the country’s banks have almost exhausted the eligible collateral they can post for Emergency Liquidity Assistance.
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The European Central Bank is awaiting a midnight signal from the Greek parliament before it can grant fresh liquidity to keep the country’s lenders alive.
At its regular two-day meeting in Frankfurt starting Wednesday, the Governing Council will discuss a Greek banking system that is in limbo after more than two weeks of closure and capital controls, and which the European Commission says is close to collapse. A decision on the level of Emergency Liquidity Assistance for lenders is planned for Thursday, a person familiar with the matter said.