ECB raises emergency funding cap for Greek banks to 76.9 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 1.4 billion euros, taking the ELA ceiling to 76.9 billion euros, a banking source told Reuters on Wednesday.

“With the new cap there is an unused liquidity buffer of about 3.0 billion euros,” the source said, declining to be named.

The ECB has raised the cap in increments, keeping pressure on Athens to strike a deal with its creditors over economic reforms required to unlock remaining bailout aid. [Reuters]