Greek banks may be considered solvent after state default – ECB

FXStreet (Mumbai) - As per the Reuters report, a German member of the European Central Bank (ECB) supervisory board said the Greek banks could be considered solvent for several days even after the state defaults.

ECB supervisor Felix Hufeld said the Greek banks could be considered solvent for up to five days if Greece was to default on the IMF payment.

These statements are an indirect signal that the Emergency Liquidity Assistance (ELA) to Greek banks could be continued even after a default.