Bank of Greece Governor Yannis Stournaras assured yesterday (5.02) that Greek banks’ liquidity is perfectly safe, in the wake of the European Central Bank (ECB) decision to cease accepting Greek bonds as collateral, from February 11. He explained that the ECB will provide cash flow to Greek banks via the Emergency Liquidity Assistance (ELA) mechanism.

After a meeting with government Vice-President Yiannis Dragasakis, Stournaras told reporters that the ECB’s decision will be lifted in the future, as it had in the past, after the country reached an agreement with its creditors.

Greek economic growth rate is expected to reach 1.0% in 2014, rising to 2.5 % in 2015 and 3.6 % in 2016, the European Commission has estimated in its economic forecast report released in Brussels yesterday (5.02). However, the Commission noted that the forecasts were based on the assumption that Greece will fully implement its commitments to adjustment economic program.

Economic growth in the Eurozone is projected to reach 0.8 % in 2014, 1.3% in 2015 and 1.9% in 2016; for the EU the projected economic growth rates are 1.3% in 2014, 1.7% in 2015 and 2.1% in 2016.