Waiver Suspension, ECB Takes Stance on Greek Debt
The European Central Bank (ECB), in a statement, took a firm stance that it will no longer accept junk-rated Greek government bonds as collateral for lending capital to commercial banks. Greek banks can still get funds through a program called emergency liquidity assistance, or ELA. ELA is more costly for Greek banks and loans stay on the balance sheet of Greece’s central bank rather than the ECB.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
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