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Welcome, 77 artists, 40 different points of Attica welcomes you by singing Erotokritos an epic romance written at 1713 by Vitsentzos Kornaros

Thursday, July 16, 2015

ECB to delay Greek funding boost as Europe mulls bridge loan

By Balazs Koranyi and John O'Donnell FRANKFURT (Reuters) - The European Central Bank was set to hold emergency funding to Greek banks steady on Thursday, delaying an increase that would have allowed banks to partially reopen as it waits for European leaders to finalise a financial backstop. The bank had been ready to increase Emergency Liquidity Assistance (ELA) after Athens approved the bailout deal but it first needs to ensure that Greece has the temporary financing to repay a 3.5 billion euro plus interest payment due to the ECB on Monday. An emergency funding boost would have helped restore confidence after Greece was nearly forced from the euro -- a debate that challenged ECB President Mario Draghi's pledge that the currency was irreversible.


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