ECB will not raise ELA, yet

The European Central Bank will not raise its Emergency Liquidity Assistance ceiling for systemic Greek banks, according to reports.

ECB President Mario Draghi convened with the other board members via teleconference on Monday and decided to retain the current ELA ceiling, something which means that Greek banks, currently closed and running out of cash to replenish ATMs, will not be able to ‘breathe” just yet.

Reuters reported that its’ highly unlikely that the ECB inject more liquidity into the Greek banking system before the Tsipras government passes certain prerequisite measures, as outlined in the EU Summit document presented on Monday morning.