ECB approves emergency funding line for Greek systemic banks

The European Central Bank (ECB) approved an emergency funding line for Greek banks to be provided via the country’s central bank.

Last week, tightening liquidity ahead of the January 25 election prompted the Bank of Greece to ask the ECB to approve a so-called emergency liquidity assistance (ELA) line for Greece’s four systemic banks.

The ELA line was reportedly approved for two weeks. The exact amount of funds to be made available to Greek banks has yet to be announced. However, banking sources suggest the country’s central bank requested an initial 10 billion euro with a view for that sum to rise to 40 billion euro should the need arise.

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