The European Central Bank raised further the ceiling on emergency liquidity assistance for Greek banks amid lingering uncertainty regarding the government’s reform proposals, reports said Wednesday, citing sources.
The emergency funding cap was raised to EUR 76.9 billion from EUR 75.5 billion last week.
Under the ELA scheme, the Bank of Greece provides funding to the country’s solvent banks. The risk of lending lies with the Greek central bank and the loans under the scheme are costlier for banks.
The material has been provided by InstaForex Company – www.instaforex.com