ECB Raises Emergency Liquidity To Greek Banks: Reuters

The European Central Bank on Thursday raised the emergency liquidity limit for Greek banks by 600 million euros, according to Reuters, citing a banking source. The move raises the ceiling on Greek bank borrowing through the Emergency Liquidity Assistance program to €69.4 billion euros, after the ECB last week approved a €500 million increase. Greek banks are relying on funding through the ELA scheme after the central bank last month cut off funding through its regular channels, saying Greece's junk-rated government bonds can no longer be used as collateral for ECB-provided liquidity.