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ECB agreed up to 60 bln in emergency funding for Greece -paper
February 5, 2015 / 1:27 PM / 3 years ago

ECB agreed up to 60 bln in emergency funding for Greece -paper

FRANKFURT, Feb 5 (Reuters) - The European Central Bank agreed on Wednesday to allow Greece’s national central bank to grant its banks emergency funding of up to 60 billion euros ($68.5 billion), German newspaper Die Welt reported.

The ECB had no comment on the report, which cited central bank sources.

The ECB said late on Wednesday it would no longer accept Greek government bonds as collateral for funding, shifting the burden onto the central bank in Athens to finance its lenders with emergency liquidity assistance (ELA).

The ECB’s move means the Greek central bank will have to provide its banks with tens of billions of euros in ELA in coming weeks. The ECB Governing Council can restrict such funding if a two-thirds majority agrees.

$1 = 0.8763 euros Writing by Paul Carrel; editing by John Stonestreet

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