Reports: ECB Raises Greek Bank Aid Ceiling

The European Central Bank raised the ceiling on Greece’s liquidity assistance from 83 billion to 84.1 billion euros, wire services reported Wednesday, citing unnamed sources.

Greek banks are currently reliant on a loan program offered by the European Central Bank known as Emergency Liquidity Assistance (ELA). This is designed to provide credit to financial institutions in the euro zone that are solvent but face “temporary liquidity problems.”

Last week, the ECB increased its ceiling for ELA to Greek banks by 2.3 billion euros ($2.6 billion) to 83 billion euros, in light of Greek savers continuing to pull out their savings.