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ECB warns Greek funding access hinges on keeping bailout

January 8, 2015

ECB warns Greek funding access hinges on keeping bailout

(Reuters) – Greek banks’ access to European Central Bank funding beyond February will depend on Athens successfully completing a final bailout review and reaching a deal on a follow-up plan with its EU/IMF lenders, the ECB said on Thursday.

The statement was the clearest warning yet that Athens cannot expect to rely on ECB funding if it reneges on its obligations under the 240 billion euro bailout program, the prospect of which has grown as Greece prepares for snap polls.

Opinion polls show leftist party Syriza poised to win the Jan. 25 election. The party has promised to cancel the austerity terms of the bailout and demand a renegotiation of debt.

Hammered by the country’s prolonged economic crisis, Greek banks have reduced their exposure to ECB funding in recent months but still depend on the central bank for liquidity.

The ECB has helped out Greek banks by exempting them from requirements on the collateral it accepts for access to funding.

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