The European Central Bank has decided to increase the ceiling of emergency liquidity assistance (ELA) towards Greek banks by a further 1.4 billion euros, bringing the total to 76.9 billion euros.
Reportedly, Greek banks have a further 3-billion-euro safety net before exhausting the top limit. The ECB will convene against next week, in order to reevaluate circumstances.
ELA funding is deemed necessary at present, in order to maintain the adequate liquidity in the Greek economy, to country the ongoing outflow of bank deposits.
