However we did not know what the ECB would do with Greek ELA haircuts, assuming that the ECB would not dare risk contagion and the collapse of the Greek banking system by triggering a waterfall solvency rush in Greek banks if and when it boosts ELA haircuts. Turns out we were wrong, and as the ECB just announced "the Governing Council decided today to adjust the haircuts on collateral accepted by the Bank of Greece for ELA." 

Full Press Release:

ELA to Greek banks maintained

Emergency liquidity assistance maintained at 26 June 2015 level

Haircuts on collateral for ELA adjusted

Governing Council closely monitoring situation in financial markets