After Greeks voted “no” to a bailout referendum to exit the economic crisis, the European Central Bank announced it will provide necessary loans to Greek Banks but under harsher conditions.
Therefore, this decision indicates measures to maintain Greece’s minimum economic stability during the ongoing talks, and the limit on these loans will be 89 billion euros set a few days ago. Greece Central Bank requested an increasing support by the ECB, which was turned down.
Despite this decision Greek banks, closed for the past week, will remain closed until Thursday so far.
The ECB also emphasized it will continue precise supervision over financial markets and intervene if needed to maintain prices and create a balance in the euro region.