The Hellenes banks can obtain liquidity through the Bank of Greece, although it is much more expensive than currently offered by the ECB at its regular refinancing operations to 0.05%.
The ECB governing council will review this amount within two weeks and may suspend the program of emergency liquidity assistance with a two-thirds majority if it considers that the risks are high.
Greece has decided to wait a day before submitting its partners in the eurozone a request to extend the ‘credit’ rescue, while the European Commission and Germany insisted on an extension of the entire program if Athens want to receive the outstanding finance.
The ECB, which between 2010 and 2012 bought sovereign debt of Greece, can only guarantee loans of emergency liquidity assistance if Greek banks are solvent.
European shares rise to record highs
The stakes for Greece reached an agreement with its international creditors pushed yesterday to a pan-European stock index highs seven years, despite resistance from Germany to the arrangement you want the Greek government. Greece today submitted a request to the euro zone to extend a loan agreement for up to six months. Germany says that the Greek government must abide by the conditions of the existing bailout.
The Greek stocks advanced 1.06%, while shares of banks rose 5.6%. The pan-European FTSEurofirst 300 index closed unofficially with a rise of 0.66% to 1514.82 points, its highest level since early 2008.
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