ELA also spells trouble for the Bank of Greece because it bears the risk of the loans rather than the ECB. If Greek banks are borrowing via the ELA, the ECB and the Eurosystem is less exposed to a default. In the time that Greek lenders drew 62 billion euros from ELA, they have borrowed 74 billion from the ECB, according to Reuters. If there is an underlying intention from Frankfurt to hedge its bets, it doesn’t seem to have done badly.