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.
This article 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 Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.