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ECB agrees to extra emergency funding for Greek banks

July 16, 2015 18:50 IST
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Conditions are fit for a raise in Emergency Liquidity Assistance

Greek banks will be allowed to draw down more emergency funding, the European Central Bank decided on Thursday, increasing it by euro 900 million for one week.

At a news conference, ECB President Mario Draghi said the conditions had been restored for more Emergency Liquidity Assistance (ELA) after a bailout plan was agreed between Athens and the euro zone.

"Things have changed now. We had a series of news with the approval of the bridge financing package, with the votes, various votes in various parliaments, which have now restored the conditions for a raise in ELA," he said.

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