ECB increases ELA funding for Greek banks by 1.1 billion euros

The European Central Bank announced that it has increased the emergency liquidity assistance available for Greek banks by a…

The European Central Bank announced that it has increased the emergency liquidity assistance available for Greek banks by a further 1.1 billion euros, bringing the total to 80 billion euros.

According to a source cited by Reuters, the Greek banks will have a buffer of around 3.5 billion euros as not all of the previous assistance has been used.

The ECB came to the ELA decision after a teleconference was held on Tuesday, but has not yet decided whether to impose a haircut on Greek bonds that Greek banks use as collateral.

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