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ECB maintains Greek ELA at €89.4 billion despite severe

The European Central Bank decided to maintain the same level of Emergency Liquidity Assistance at 89.4 billion euros, the same as on Friday.

In doing so, it took the middle ground decision between expanding it and totally cutting off the ELA that was reported earlier. But will this money be enough to keep banks open?

In the meantime, quite a few ATMs are running out of money and  the Greek financial stability committee led by finance minister Varoufakis and the governor is set to convene at 14:00 GMT.

Update: meeting delayed to 15:00 GMT.

The statement from the ECB consists of quotes from the Governor of the Bank of Greece, which could be a positive sign, but does acknowledge the latest developments.

Here is a quote from the statement, including the quotes from the chiefs:

Mario Draghi, ECB President, said:

“We continue to work closely with the Bank of Greece and we strongly endorse the commitment of Member States in pledging to take action to address the fragilities of euro area economies.”

Yannis Stournaras, Governor of the Bank of Greece, said:

“The Bank of Greece, as a member of the Eurosystem, will take all measures necessary to ensure financial stability for Greek citizens in these difficult circumstances.”

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Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.