As a result, central bank funding rose from € billion to over € billion, more than two-thirds of Greece’s gross domestic product, demonstrating our commitment to the Greek economy. By the end of June, uncertainty and concerns about the economic policies of the government were mounting, culminating in the announcement of the referendum on 5 July 2016.
True, the EU-IMF agreement requires deleveraging by the banks, but the authorities are closely monitoring this deleveraging to try to ensure that, as intended and agreed with the Troika, it falls mainly on non-core business (mostly abroad) and run-offs. The intention is the deleveraging would not affect credit availability for the recovery at home.