ECONOMY

ECB approves emergency funding line for Greek banks, banking source says

The European Central Bank has approved an emergency funding line for Greek banks to be provided via the country’s central bank, a banking source told Reuters on Wednesday.

Last week, tightening liquidity ahead of a national election on Jan. 25 prompted the Bank of Greece to ask the ECB to approve a so-called emergency liquidity assistance (ELA) line for Greece’s top banks.

“The ELA line was approved for two weeks,» the source said.

[Reuters]