The ELA ceiling was subsequently frozen by the ECB which effectively meant the banks would have to hope that incremental daily withdrawals of €60 (the limit under capital controls) would not eat through their cash buffer (which at one point was under €1 billion according to some estimates) before some manner of deal in Brussels prompted the ECB to turn the liquidity drip back on.

Now that the path is largely clear for the commencement of formal bailout discussions and, perhaps more importantly for the short-term liquidity needs of Greek banks, now that a new circular funding scheme has been devised that will allow Greece to make a €3.5 billion payment to Mario Draghi on Monday, the ELA ceiling has been raised and officials in Athens have apparently decided that it's safe to lift the shutters on the nation's lenders.