ECONOMY

ECB leaves stopgap funding for Greek banks unchanged

ecb-leaves-stopgap-funding-for-greek-banks-unchanged

The European Central Bank decided Wednesday to leave its emergency credit lifeline for Greece unchanged for the next two weeks, said a source close to the matter who asked not to be identified.

The Frankfurt-based bank last month boosted its Emergency Liquidity Assistance (ELA) for Greece's struggling banks by 900 million euros ($980 million) to 90.4 billion euros, Bloomberg News reported, after Athens and its creditors reached an in-principle agreement for a third bailout in return for tough reforms.

A source said Wednesday the ECB's executive board had agreed the level of support would remain steady for another two weeks although the ECB declined to comment.

[AFP]