ECB tightens noose on Greek banks

The European Central Bank (ECB) tightened the noose on Greece’s banks on Monday (6 July), refusing to increase liquidity assistance.

In a widely anticipated move, the ECB’s governing council rejected a request by the Greek government to increase emergency liquidity assistance (ELA) to its banking sector by a further €3 billion, leaving it frozen at €89 billion.

It also increased its requirements for the assets which Greek banks must present in order to access the cash.

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