Greek press: Greek banks borrowed EUR 5 bln in emergency funds from BOG

Bloomberg highlights a story from Greek paper Kathimerini which says two Greek banks tapped the Bank of Greece’s Emergency Liquidity Program this week. One borrowed EUR 3 bln and another borrowed EUR 2 bln.

It’s not clear why they did not borrow from the ECB in Frankfurt but when the Central Bank of Ireland made such loans, they did not cover them with the ECB. They essentially created the reserves, a form of quantitative ease.

And here’s another goody: Greece likely to miss budget target this year.

Who could have guessed?