Financial Times: ECB green light for increase in emergency loans to Greek banks
The European Central Bank has approved an increase in emergency loans to Greece’s banking system after eurozone finance ministers failed to strike a deal to prevent it from defaulting on its debts.
The move, which is by a smaller amount than Greece had requested, comes as Greek banks have continued to suffer withdrawals.
The ECB has been providing Greece’s banks with a lifeline by sanctioning so-called emergency liquidity assistance (ELA) requested by the Bank of Greece, the country’s central bank.
However on Friday, the ECB’s governing council granted a rise smaller than the €3bn-plus requested by Athens, two people familiar with the matter said.
WNU Editor: This is not going to solve and/or stop the problem. It is what it is .... a temporary reprieve to a hopeless situation.
More News On Greek Banks Receiving Emergency Funding To Stem Bank Withdrawals
ECB raises emergency funding for Greek banks by $3.7bn -- CNBC
Greece gets temporary lifeline for banks amid uncertainty -- AP
Tsipras optimistic on Greek debt deal as banks bleed -- Reuters
'Capital controls imminent' as money floods out of Greece's banks and default looms -- Business Insider
Greek banks: Athens’ Achilles heel -- Ferdinando Giugliano, Financial Times
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