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The ECB maintains its emergency aid to Greece

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At midnight on the night of Tuesday to Wednesday, the IMF officially announced that the Greek government had not repaid the € 1.55 billion it owed him. And 1 er July also saw the completion of the European rescue plan. But Greece can count on the European Central Bank (ECB), which has kept unchanged the ceiling of the emergency assistance (Emergency Liquidity Assistance ELA) to Greek banks, several sources indicate to news agencies.

The Greek Finance Minister Yanis Varoufakis, interviewed on state television ERT, immediately welcomed this decision, and especially “efforts” in the sense of ECB President Mario Draghi and the Governor the Bank of Greece Yannis Stournaras.

Stay away from politics

The downward revision by several rating agencies of the sovereign rating of Greece’s -Moody announced Wednesday to have relegated note the country’s debt to “Caa3″ one notch category “imminent payment default” – and notes of its major banks could let fear a discount on the securities provided as collateral by Greek banks against these emergency loans.

On 28 June, the ECB had taken a similar decision (ELA maintain without increasing), provoking the anger of the Bundesbank, the German central bank, which militates for the ECB to suspend its aid to totally Greeks.

The ECB seems to have decided to maintain the banks’ online survival of the country, without improving but without tighten the conditions, so as not to seem to influence political debate. Since the arrival of the radical left Syriza to power in February, the institution tries to minimize the political and central role it occupies in spite of it in the Greek case.

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