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).