Eurogroup approves launch of Greece bailout talks, ECB raises Greece ELA

The European Central Bank is providing an extra 900 million euros of funds to tide Greek banks over for the coming week. Meanwhile, eurozone finance ministers have agreed to Launch of formal bailout talks with Greece.

ECB President Mario Draghi announced at a news conference in Frankfurt on Thursday that conditions had been restored for more Emergency Liquidity Assistance (ELA) to Greece’s banks after a bailout plan was agreed between Athens and the eurozone.

“Things have changed now. We had a series of news with the approval of the bridge financing package, with the votes, various votes in various parliaments, which have now restored the conditions for a raise in ELA,” he said.

Meanwhile in Brussels, eurozone finance ministers have agreed to launch formal bailout talks with Greece. In a statement, the 19 ministers said they “welcome the adoption by the Greek parliament of all the commitments specified in the Euro summit statement from 12 July.”
 
 
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Source News: DW