The European Central Bank (ECB) gave the green light for Emergency Liquidity Assistance (ELA) to Greek banks. Three major Greek banks will get the ELA; Alpha Bank, EFG Eurobank and Piraeus Bank will have the support of the financial mechanism for 15 days. The decision was taken by the ECB Board after the three banks submitted a request through the Bank of Greece (BoG). The liquidity provision will be valid for two weeks and then the ECB Board will further decide if the liquidity line will continue. Banks can apply again and receive the ELA for a period no longer than six months. The next meeting on the matter will be on February 18. Greek banks need the support mechanism due to the continuous cash outflow in the past two weeks.
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