ECB to raise ELA cap for Greek banks

Financial Mirror (Cyprus) - - FRONT PAGE -

The Euro­pean Cen­tral Bank in­creased the cap on emer­gency liq­uid­ity for Greek lenders for the fourth time in less than a week, Bloomberg quoted a per­son fa­mil­iar with the mat­ter. The ECB Gov­ern­ing Coun­cil raised the limit on the funds in a tele­phone con­fer­ence on Tues­day, the source said, with­out spec­i­fy­ing the size of the in­crease.

Pol­icy mak­ers lifted Emer­gency Liq­uid­ity As­sis­tance by about EUR 1.9 bln o 87.8 bln on Mon­day, and are set­ting the aid level al­most daily as Greece edges closer to a po­ten­tial de­fault. Prime Min­is­ter Alexis Tsipras is run­ning out of time to reach a deal with his coun­try’s cred­i­tors and end a five­month stand­off over bailout pay­ments that risks split­ting the euro.

Af­ter a day of talks on Mon­day, lead­ers from Greece’s 18 fel­low eu­ro­zone coun­tries agreed that Tsipras’s gov­ern­ment was fi­nally get­ting se­ri­ous af­ter it sub­mit­ted a set of re­form mea­sures that be­gan to con­verge with the terms de­manded by cred­i­tors. They agreed to step up the pace of ne­go­ti­a­tions to se­cure a break­through on Wed­nes­day that lead­ers can sign off at the end of the week.

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