The European Central Bank (ECB) Governing Council decided to raise the Emergency Liquidity Assistance (ELA) to Greek banks by 900 million euros. ECB President Mario Draghi discussed the decision in a press conference following an ECB Governing Council meeting on Thursday. Draghi said that the ECB does not play any role in Grexit scenarios. “It is uncontroversial that debt relief is necessary,” Draghi said about Greece’s future. The ECB is the second major institution after the IMF to recognize the necessity of debt relief for Greece. The ECB had maintained Greece’s ELA level at 88.6 billion euros since June 29. As a result, the Greek government shut down banks and imposed capital controls that are still in place.
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