ECB Reduces Maximum Greek Bank Aid as Bailout Eases Cash Tension
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The European Central Bank reduced the maximum level of emergency aid available to Greek banks in a sign the country’s financial tensions are easing after a rescue package was agreed with creditors.
In a conference call on Tuesday, the ECB’s Governing Council decided to cut the ceiling on Emergency Liquidity Assistance provided by the Bank of Greece to 89.7 billion euros ($98.9 billion) from 90.4 billion euros, according a person familiar with the decision. The move is the first such reduction since lenders were forced to rely on the facility in February.