You will recall that until the failure of a systemic US institution, the emerging economies had not been affected, or barely, by the economic slowdown. Following the bankruptcy of the US investment bank, the crisis suddenly worsened and spread throughout the whole world, affecting not only the financial system but also the real economy at the same time.
Last week, the Governing Council decided not to object to a further increase in the ELA ceiling, by EUR 2.3 billion to EUR to 83 billion. Liquidity will continue to be extended as long as Greek banks are solvent and have sufficient collateral.