Future of Greek banking system dealt funding uncertainty blow

Chris Papadopoullos
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FURTHER uncertainty has been added to the future of the Greek banking system after a statement by the European Central Bank (ECB).

Currently, the ECB accepts collateral from Greek banks despite their low credit ratings.

“The continuation of the waiver is based on the technical extension of the European Financial Stability Facility programme until the end of February 2015 and the existence of an International Monetary Fund [IMF] programme,” an ECB spokesperson said.

“It is also based on the assumption of a successful conclusion of the current review and an agreement on a follow-up arrangement between the Greek authorities and the European Commission, in liaison with the ECB, and the IMF.”

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