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ECB steps in with emergency liquidity assistance for Greece

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ECB steps in with emergency liquidity assistance for Greece

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The European central Bank has stepped in to provide emergency liquidity for Greece, although there’s some confusion as to how much has been made available.

The Greeks wanted 3.5 billion euros to tide them over until money stops flooding out of deposit accounts, but some reports say the ECB has only given them enough funds until Monday night, when the eurozone summit may have produced something else to help Athens.

Since March an agreement has existed providing Greece with EL assistance, with vaguely-defined monthly caps that have never been set in stone, and which have never needed to be tested.

However as Greece lurches from one inconclusive negotiation to another capital flight is becoming an issue as savers and investors give up on Greece.