BUSINESS

ECB agrees extra emergency funding for Greek banks

TAGS: Euro, Banking, Economy

Greek banks will be allowed to draw down more emergency funding, the European Central Bank decided on Thursday, increasing it by 900 million euros for one week.

At a news conference, ECB President Mario Draghi said the conditions had been restored for more Emergency Liquidity Assistance (ELA) after a bailout plan was agreed between Athens and the eurozone.

"Things have changed now. We had a series of news with the approval of the bridge financing package, with the votes, various votes in various parliaments, which have now restored the conditions for a raise in ELA," he said.

[Reuters]

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