ECB’s Draghi: Greece’s Place in Euro Not Doubted

The European Central Bank granted more emergency liquidity assistance for Greek banks after the country’s parliament agreed on reform measures and euro-area nations approved short-term funding, Mario Draghi said.

“Things have changed now,” the ECB president said at a press conference in Frankfurt on Thursday. “We had a series of news with the approval of the bridge financing package, with the various votes in various parliaments, to begin with in the Greek parliament, which have now restored the conditions for a raise in ELA,”

The ECB step marks a turning point in Greece’s most recent debt crisis, potentially paving the way for the nation’s shuttered banks to reopen after more than two weeks of closure and capital controls. Greece’s parliament debated for more than four hours into early Thursday morning to approve the austerity measures that are a precondition for talks on an aid package of as much as 86 billion euros ($94 billion).

Bloomberg

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.