ECB Said to Raise Cap on Emergency Liquidity for Greek Banks
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The European Central Bank increased the cap on emergency cash available to Greek lenders as the nation continues to struggle with a financial crisis, people familiar with the decision said.
Policy makers meeting in Frankfurt on Wednesday raised the limit on Emergency Liquidity Assistance by 2 billion euros ($2.3 billion) to 78.9 billion euros, the people said, asking not to be identified as the meeting is private. ELA is offered by the Greek central bank against lower quality collateral than the ECB typically accepts.