ECB WON'T INCREASE FUNDING LIMIT FOR GREEK BANKS

Jun 28, 2015

By Bob Sheppard

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The European Central Bank is going to maintain emergency credit to Greek banks at its current level.

While it only maintains, and doesn’t increase its emergency liquidity assistance to Greek banks, it does keep a key financial lifeline open.

In their announcement Sunday, the ECB said it’s working closely with the Bank of Greece to maintain financial stability. It also said it could reconsider its decision on credit levels.

Banks have been seeing deposits drain away as anxious Greeks withdraw their savings.

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