Greek banks reduce borrowing from ELA in May

Greek bank reduced their borrowing from the ELA mechanism to below 10 billion euros in May, the Bank of Greece said on Tuesday.

The central bank, in a report, said that borrowing from the Emergency Liquidity Assistance mechanism fell to 9.6 billion euros at the end of May, from 10.2 billion a month earlier. Borrowing from the European Central Bank fell slightly to 11.3 billion euros from 11.4 billion, over the same periods, respectively.

In total, Greek banks borrowing from the Eurosystem, including ECB and ELA, fell to 20.9 billion euros at the end of May from 21.6 billion in April.