FXStreet (Mumbai) - The Governing Council of the ECB today did not oppose to an ELA-ceiling for Greek banks of €77.9 billion, up to and including Wednesday, 16th December 2015, following a request by the Bank of Greece. This reduction of €7.8 billion in the ceiling indicates progress of the liquidity situation of Greek banks. The progress resulted from a reduction of uncertainty and the stabilization of private sector deposits flows, as well as the progress achieved in the recapitalisation process of Greek banks. In November the central bank had lowered the ceiling for ELA to Greece. The ceiling has been steadily reduced since the beginning of September when it stood at 89.1 billion euros. Reduced ELA ceilings have been introduced in the aftermath of the three year 86 billion euro bailout deal that Greece and creditors agreed to in August. For more information, read our latest forex news.