ECONOMY

Greek banks tapped more ECB emergency funding in June

greek-banks-tapped-more-ecb-emergency-funding-in-june

Greek banks made more use of emergency funding in June, increasing their borrowing by 12 percent from the previous month as deposit outflows continued, Bank of Greece data showed on Monday.

Greek banks have relied on the so-called emergency liquidity assistance (ELA) from the Greek central bank since February after being cut off from the ECB’s funding window due to stalled bailout talks between the Greek government and its lenders.

Emergency funding, which is more costly than borrowing from the European Central Bank, rose to 86.77 billion euros last month from 77.57 billion in May, the data showed.

[Reuters]