Bank A signals to the Greek central bank, Bank of Greece, that the payment will go ahead using TARGET2.
Under ELA, banks borrow from their national central bank, in this case the Bank of Greece, with approval of the ECB's governing council.
The coming weeks, leading to the second Greek election, will see the interplay of opinion polls, depositor behaviour and the European Central Bank's bi-weekly decisions on the Bank of Greece's lending capacity.
Belgium went into a public sulk when its nominee was rejected by all the other euro-area countries in favour of the governor of Greece's central bank.
Under this system, called Target2, one consequence of businesses and households taking their money out of the bank accounts of the deficit countries, such as Greece, Italy and Spain, is that the German central bank ends up lending vast sums to the central banks of those deficit countries.
Every quarter the EU, the IMF and the European Central Bank (ECB) scrutinise Greece before releasing the next chunk of money.
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The market has benefited from Europe's approval of another bailout agreement for Greece and from the new European Central Bank governor's efforts to provide financing for European banks.
Zimbabwe's cash-starved banks, and a central bank that has lost control of its currency, mirror challenges in other countries, including Greece, Malawi and Swaziland.
The European Central Bank and the EFSF, the fund set up to prevent exactly this sort of disaster in Greece, Ireland and Portugal.
It is certainly the case that Spain is not in the same position as Greece, but the troika of the EU, IMF and European Central Bank will be overseeing their banking sector.
The ongoing sovereign debt issues with Greece reignited when comments from the European Central Bank and the International Monetary Fund suggested that without further austerity measures and sale of assets by Greece, the ability of Greece to be able to repay debt soon coming due comes into question.
Payoff: The European Central Bank should allow Greece to become the latest EU state to adopt the euro at the end of the year.
Marc Chandler, global head of currency strategy at Brown Brothers Harriman, said next week the International Monetary Fund, the European Union and the European Central Bank will visit Greece to evaluate the progress toward meeting the conditions to allow the next tranche of the 2010 aid program.
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Greece should not have joined the euro, a former head of the German central bank, who was central to eurozone policymaking at the time, has said.
And because, unlike the previous ECB bond buying programme, the bonds that the central bank buys will not get special treatment in the event of any debt write-downs, as happened in Greece.
Almost every single rule regarding the Euro and indeed the strictures of the European Central Bank (ECB) has been broken in two as anything possible was done to prevent Greece then Ireland having to exit the Euro.
Germany is also the home to the European Central Bank and the biggest national creditor to indebted nations within the eurozone such as Greece, Portugal and Ireland all of which would make Germany's exit from the eurozone logistically difficult.
And yet there is no suggestion that a write-down of the 161bn euros owed by Greece to eurozone governments and the 50bn euros owed to the European Central Bank is on the negotiating table.
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