Greek banks significantly reduced their borrowing from the Eurosystem in June, reflecting a significant reduction in the borrowing from the ELA mechanism and lower borrowing directly from the European Central Bank.

Greek banks’ borrowing from the ELA mechanism fell to 7.3 billion euros in June, from 9.6 billion a month earlier, while borrowing from the ECB fell to 8.9 billion euros from 11.3 billion, respectively. In total, Greek banks’ borrowing from the Eurosystem fell to 16.2 billion in June from 20.9 billion in May.