ECONOMY

Greece ups cash flow to banks by 30 bln euros

Greece raised liquidity for its lenders by 50 percent or 30 billion euros through the central bank?s Emergency Liquidity Assistance program on Friday.

The increased liquidity, which comes in the form of guarantees from the Bank of Greece, was passed by Parliament in Athens on Thursday and brings the total available under the ELA program to 90 billion euros.

The emergency liquidity is required because Greek banks are shut out of interbank lending markets due to their high exposure to government debt, subject to a 53.5 percent reduction in its face value in the biggest restructuring in history.

The European Central Bank on Friday said it would resume accepting Greek debt as collateral as part of its credit operations.

The ECB temporarily suspended accepting the debt as collateral on February 28 after Standard