ECB Raises Emergency Funding for Greece

The European Central Bank says it has increased emergency funding to Greek banks by €900m (£627m) for one week.

ECB president Mario Draghi said the bank had offered more help through Emergency Liquidity Assistance (ELA) following a request from the Bank of Greece.

Mr Draghi’s said the ECB’s total exposure to Greece was now €130bn.
Speaking at an ECB press conference in Frankfurt, he said that debt relief for Greece was “necessary”.

“It’s uncontroversial that debt relief is necessary and I think that nobody has ever disputed that,” Mr Draghi said.

“The issue is what is the best form of debt relief within our framework, within our legal institutional framework. I think we should focus on this point in the coming weeks.”
Mr Draghi said the ECB continued to act on the assumption that Greece is and will be a member of the euro area.

via BBC

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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