ECONOMY

ECB raises emergency funding cap for Greek banks by 1.2 bln euros

The European Central Bank raised the cap on emergency liquidity assistance (ELA) that Greek banks can draw from the country’s central bank by 1.2 billion euros, a banking source told Reuters on Thursday.

“Greece got the increase it had asked for,” the source said, declining to be named.

The increase takes the ELA ceiling to 73.2 billion euros. The ECB has raised the cap in increments, keeping pressure on Athens to strike a deal with its creditors.

[Reuters]