As the Greek government prepares to submit a formal request to the Eurogroup to extend the “loan agreement” of the country’s bailout deal for up to six months, it received a boost – albeit modest – from the European Central Bank (ECB) on Wednesday which decided to accept a demand by the Bank of Greece to extend the period of emergency liquidity assistance (ELA) for the country’s banking system.
The ECB upped the limit of money Greek lenders can draw from the emergency mechanism by 3.3 billion euro. The ECB had already raised the ELA available to Greek banks by five billion euro to about 65 billion last Thursday.
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(Photo: Steve Ford/sxc.hu)