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Wednesday, June 17, 2015

ECB raises emergency funding for Greek banks by 1.1 billion euros

The European Central Bank raised the cap on emergency liquidity assistance (ELA) that Greek banks can draw from the country's central bank by 1.1 billion euros (0.79 billion pounds), taking the ceiling to 84.1 billion euros, a banking source told Reuters on Wednesday. The ECB has raised the cap in increments, keeping pressure on Athens to strike a deal with its creditors over economic reforms required to unlock remaining bailout aid, needed to avert bankruptcy. Greek banks saw deposit outflows of about 400 million euros ($449 million) on Monday as the pace of withdrawals picked up from last week after talks with the country's creditors over an aid-for reforms deal broke down on Sunday.


READ THE ORIGINAL POST AT uk.news.yahoo.com