ECB Increases ELA for Greek Banks

A banking official says the European Central Bank has increased the amount of emergency liquidity that Greek lenders can draw on, the second time it has done so in two days.

The ECB held a teleconference Tuesday morning and agreed on the increase, the official said, but declined to provide a figure. The official, who spoke on condition of anonymity as the decision was not publicly announced, said the ECB would remain on call for a revision should that become necessary.

Worried Greeks pulled an estimated 4 billion euros out of banks last week ahead of critical meetings in Brussels to discuss a deal on the country’s troubled bailout.

Eurozone officials are now discussing the latest Greek reform proposals, with hopes high for a deal this week.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza