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ECB 'raises emergency funding cap to Greek banks to 68.3 billion euros'


economy

ECB 'raises emergency funding cap to Greek banks to 68.3 billion euros'

Reports from the European Central Bank say that it has agreed to raise emergency funding available to Greece’s struggling banks to 68.3 billion euros, a slight increase on the previous limit.

The latest modest rise gives Athens some leeway while it tries to negotiate a financing deal with its European partners but the ECB is still keeping Greece’s banks — and thereby its government — on a tight leash.

The solvency of Greece’s banks is tied closely to that of the state, which needs funding tied to its bailout programme.

The ECB Governing Council is due to meet again in two weeks.

Greece will submit a request to the euro zone on Thursday to extend a “loan agreement” for up to six months although Germany says no such deal is on offer and Athens must stick to the terms of its existing international bailout.

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