ECB approves ELA funding requested by Greece: banking source
[ATHENS] The European Central Bank approved the amount of emergency funding (ELA) Athens requested for its banks on Wednesday, a banking source with direct knowledge of the decision said, without disclosing what amount Greece had asked for.
"The Bank of Greece got approval for the ELA it requested. If necessary the ECB governing council will convene again in the next 24 hours," the source said.
Greek banks depend on central bank funds to remain afloat after heavy deposit withdrawals that reached more than a billion euros a day at the end of last week.
As hopes of a deal between Greece and its international creditors rose on Tuesday, the ECB, which has been holding daily meetings on the funding measures for Greek banks, raised the limit on ELA by slightly less than a billion euros, sources close to the issue said.
Emergency liquidity assistance from the Greek central bank, which is more costly than borrowing from the European Central Bank, rose to 77.58 billion euros last month from 74.37 billion in April, data showed on Tuesday.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
IMF boosts Asia growth forecast this year on China, India
Australian retail sales unexpectedly decline, currency drops
South Korea’s March factory output falls most in 15 months
Deflation reaches UK stores as non-food prices fall 0.6%
Japan’s March factory output rises 3.8% vs month earlier
Hong Kong vies with US in Bitcoin ETF market after crypto’s revival