Greece says banks protected via access to emergency liquidity assistance after ECB move

The former European Central Bank (ECB) headquarters in Frankfurt, Germany. The decision by the ECB to cut off Greek banks' access to a key source of much-needed cash will have "no adverse impact" on the country's financial sector, the Greek finance m
The former European Central Bank (ECB) headquarters in Frankfurt, Germany. The decision by the ECB to cut off Greek banks' access to a key source of much-needed cash will have "no adverse impact" on the country's financial sector, the Greek finance ministry said in a statement Wednesday. -- PHOTO: BLOOMBERG

ATHENS (Reuters) - Greece's finance ministry said on Thursday that the country's banking system is fully shielded through its access to emergency liquidity assistance (ELA) available from the domestic central bank.

Its statement came after the European Central Bank (ECB) On Wednesday pulled back its soft treatment of Greek debt and cancelled its acceptance of the country's bonds in return for funding.

The ministry also said the ECB's decision puts pressure on the Eurogroup to reach a deal that would be "mutually beneficial" for both Athens and its eurozone partners.