SYRIZA candidate claims that the Bank of Greece can rely on the Emergency Liquidity Assistance mechanism

Rachel Makri repeats ELA argument for printing 100 billion euros

The SYRIZA candidate Rachel Makri has responded to fierce criticism she received over a recent proposal she made, according to which the Bank of Greece is in the position to print up to 100 billion euros to address the liquidity crisis.
Mrs. Makri’s comments prompted fierce criticism and ridicule from New Democracy and other parties, while some SYRIZA officers have also expressed their skepticism.
In her newest statement Mrs. Makri argues that “regional central banks such as the Bank of Greece have the right to print (issue) money under the ‘Emergency Liquidity Assistance’ (ELA) mechanism” and added that this ability is in place to provide an “institutional treatment” for tackling liquidity crises.
The candidate also lashed out against her critics, stressing that the “unethical attack on SYRIZA members” strengthens the joint efforts and “reveals the dangerous irrelevance of the systemic media”.
SYRIZA’s financial advisor Yannis Milios commented on his Twitter account that “when you make a mistake, to accept it and be quiet requires prudence, modesty and bravery, you become more likeable that way”. Mr. Milios had also urged prudence when Mrs. Makri first made her ELA proposal.