Greek banks likely to remain dependent on ELA: Commerzbank

Quotes from Commerzbank Corporates & Markets:

-We understand that the ECB Council will not decide before the Council meeting on Thursday whether Greek government bonds will again be accepted as collateral for ECB repo transactions.

-Obviously, the ECB believes that the extension of the Greek aid programme does not guarantee its successful conclusion.

-However, the ECB Council is likely to prolong the provision of Emergency Liquidity Assistance (ELA) by the Greek central bank, not least due to the ongoing risk of a capital flight.