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European Central Bank (ECB) Governing Council Member Jens Weidmann said on Thursday that the ECB should not expand emergency funding (ELA) if there is no baoilout programme.
"The Eurosystem should not increase the liquidity provision, and capital controls need to stay in force until an appropriate support package has been agreed by all parties and the solvency of both the Greek government and the Greek banking system has been ensured. ELA is no longer being used to finance capital flight. This certainly represents a step forward, and shifts the responsibility to where it belongs: with the governments and parliaments," he said.
Weidmann added that fiscal policy makers are responsible for providing any short-term assistance to Greece.
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