Greek Banks Propped Up By Secret Bank Aid

Secrecy is surrounding an estimated 100 billion euro addition of emergency liquidity provided by the country’s central bank. The move was approved in secret by the European Central Bank.

The use of “Emergency Liquidity Assistance” to help weak economies has been a behind the scenes activity during the euro zone crisis. The ELA helped save the financial system in Ireland and is being used more extensively in Greece. Continue reading