ECB Vice-President Vitor Constancio, speaking during a Q&A at Cambridge University on Saturday, said a decision on whether to give Greece emergency funding would be up to the European Central Bank’s Governing Council:
- “There is the possibility of so-called ELA (emergency liquidity assistance facility). In any case that will be ultimately a decision of the Governing Council, which I don’t want to predict at this stage”
- He was commenting on options available for Greek banks if the country’s new anti-bailout government quits its EU/IMF program
- The ELA facility is designed as a stop gap for banks facing temporary problems
More at Reuters
Constancio pulling another happy face
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Note - Constancio’s comments seem to contradict Liikanen’s
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Note also, there is more detail here at the Greek press: ECB’s Constancio signals Greek waiver may end if program dropped
