ECONOMY

ECB approves additional emergency liquidity for Greek banks-source

The European Central Bank has raised the ceiling on emergency liquidity Greek banks can draw from the country’s central bank for the second time this week, a banking source told Reuters on Friday, declining to say by how much.

The ECB’s governing council held a teleconference on Friday to discuss extending the emergency liquidity assistance after Greek savers pulled 3 billion euros from Greek lenders this week on fears that Athens will fail to reach a deal with lenders.

“The ELA increase was approved, they all (ECB governing council) expect a positive outcome at Monday’s summit,” the source said, referring to a summit of euro zone leaders on Monday to discuss Greece’s fate.

Earlier this week the ECB raised the ELA ceiling by 1.1 billion euros to 84.1 billion euros.

[Reuters]