ECB okays $5.7 bn emergency finance for Greek banks


European Central Bank policymakers approved extra emergency finance for Greek banks on Thursday, as a funding pinch tightened before a crunch eurozone meeting about the country’s future.

The unexpected move by policymakers from across the eurozone highlighted how ebbing confidence in Greece’s new government, which all but tore up a reform-for-aid programme, is sapping banks’sources of finance, such as deposits.

Responding to this, the ECB further raised the cap on Emergency Liquidity Assistance (ELA) for Greek banks by about 5 billion euros ($5.7 billion) to 65 billion euros, Greek central bank and government officials told Reuters.
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Source News: Qatar Tribune