Eurozone to give 7b-euro loan to Greece
This follows Greek Parliament's acceptance of bailout deal; European markets rally
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London
EUROPEAN equity and bond prices continued their rally following confirmation that eurozone finance ministers intended to provide a bridging loan of seven billion euros (S$10.6 billion).
The European Central Bank also decided at its policy meeting to allow Greek banks to draw down more emergency funding, increasing it by 900 million euros for one week. ECB president Mario Draghi said the conditions had been restored for more Emergency Liquidity Assistance (ELA) 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."
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