Germany agrees to meet Greece half-way on reforms as ECB raises ELA ceiling, reports suggest
Greece is reportedly one step closer to receiving aid from its creditors, as Germany indicated it may be satisfied with the cash-strapped country committing to just one economic reform and the European Central Bank (ECB) lifted its level of available emergency cash.
While Germany will continue to push for the implementation of an array of measures, such as higher taxes, state asset sales and fewer retirement benefits, it will settle for an immediate agreement to just one for the next installation of aid, two people familiar with Germany's stance cited by Bloomberg said.
“Where there’s a will, there’s a way,” German Chancellor Angela Merkel told reporters upon arriving in Brussels, implying more flexibility than in previous public statements. “The goal is to keep Greece in the euro area."
Meanwhile, the ECB reportedly increased its available level of emergency cash to Greek banks by €2.3bn, the biggest weekly increase since February.
The move is a continuation of efforts to balance the floating of Greek lenders and protection the country's central bank's aid provision with emergency liquidity assistance (ELA).