European Central Bank lowered the borrowing ceiling for Greek banks through the Emergency Lending Assistance mechanism (ELA) by 300 million euros to 71.5 billion.

The European Central Bank further reduced the borrowing ceiling for Greek banks, accepting a request by the Bank of Greece

According to the Financial Times, the European Central Bank has decided to make it illegal for Greek banks to add to their holdings of short-term government debt “in a move that effectively cuts off a key source of funding for Athens and heightens the risk of a sovereign default.”