Greek banks cut borrowing from the Eurosystem in October

Greek banks cut their dependence on the Eurosystem to 37.3 billion euros in October, from 41.7 billion in September, the Bank of Greece said on Monday.

The central bank, in its monthly financial report, said that this development reflected an increase in borrowing by the European Central Bank to 14.6 billion euros in October, from 13.2 billion in the previous month and a reduction in borrowing from the ELA mechanism to 22.73 billion euros from 28.5 billion, over the same periods, respectively.