Run on Greek banks just the beginning?
The Greek Bank Runs Have Begun: Two Greek Banks Request Emergency Liquidity Assistance
By Tyler Durden Zerohedge 186/1/15
The first time the phrase Emergency Liquidity Assistance, or ELA, was used in the context of Greece was in August 2011, when Greece was imploding, when its banking sector was on (and past) the verge of collapse, and just before the ECB had to unleash a global coordinated bailout with other central banks including global central bank liquidity swap and unleash the LTRO to preserve the Eurozone.
As a reminder, this is what <a href="http://www try these out.zerohedge.com/news/greece-activates-last-ditch-liquidity-rescue-package-preserve-its-financial-system”>happened back then: “In a move described as the “last stand for Greek banks”, the embattled country’s central bank activated Emergency Liquidity Assistance (ELA) for the first time on Wednesday night.”