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The ECB is NOT planning to cut Greek banks off from emergency funding
Reports this morning suggesting that people within the European Central Bank have discussed ways to cut back the use of Emergency Liquidity Assistance (ELA) by Greek banks should be taken seriously. But they don't mean that the central bank is preparing to cut Greece off. Since the onset of the current negotiations between Greece and the organisations-formerly-known-as-the-Troika (the European Commission, the IMF and the ECB), the region's central bank has attempted to separate its political role from its responsibility as lender of last resort in providing emergency funding to the Greek banking system. Read more: ... (full story)