Nevertheless, the Eurosystem provided the liquidity necessary for the Greek economy to function, with adequate safeguards against monetary financing of the government. As a result, central bank funding rose from € billion to over € billion, more than two-thirds of Greece’s gross domestic product.
Amid mounting uncertainty, bank holidays and capital controls were introduced in late June 2015, which eased immediate liquidity pressures in the banking sector. In August 2015 an agreement was reached on a third programme. One of the immediate priorities at that time was to regain depositor and market confidence in the Greek banking system.