ECB offers Greek banks extra €3.3bn emergency cash

BBC News - Feb 18, 2015

The European Central Bank has reportedly agreed to raise the emergency funding available to Greek banks to €68.3bn (£50.3bn).

The €3.3bn increase in the so-called Emergency Liquidity Assistance (ELA) is critical for Greece's banks.

Depositors have been taking savings out of the country, depleting the banks' access to cash to lend.

However, the Greek central bank is said to have requested an additional €10bn of emergency funding.

The ECB had already raised the amount available to Greek banks by €5bn to about €65bn last week.

The deal will give Athens breathing space to negotiate a loan deal with its European creditors.

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