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]

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