ECB leaves emergency liquidity for Greece unchanged

GMT 18:22 2015 Wednesday ,29 July

Arab Today, arab today ECB leaves emergency liquidity for Greece unchanged

European Central Bank (ECB)
Frankfurt - AFP

The European Central Bank decided Wednesday to leave its emergency credit lifeline for Greece unchanged, said a source close to the decision who asked not to be identified.

The ECB executive board acted in the week when experts from the bank, the EU and International Monetary Fund returned to Athens to discuss a new bailout of up to 86 billion euros ($95 billion) over three years.

On Wednesday the ECB declined to comment on latest policy decisions taken by the board.

The Frankfurt-based bank a week earlier boosted its Emergency Liquidity Assistance (ELA) for Greece's struggling banks by 900 million euros 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.

Amid the months-long crisis, ELA has kept afloat struggling Greek banks and by extension served as the lifeline preventing the Greek economy from sinking.

Greek banks were closed for three weeks under capital controls imposed by the government of Prime Minister Alexis Tsipras to prevent the collapse of the credit institutions.

The restrictions were eased July 20, but withdrawals and money transfers abroad remain limited. Greeks can now withdraw 420 euros per week from their bank accounts.

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