ECB raises ELA by €2.3 billion

The European Central Bank has decided to raise the Emergency Liquidity Assistance (ELA) to Greek banks by to €2.3 billion, to €83 billion.

This is considered a large raise, and is much bigger than the extra €200 million provided last week.

The reason for the large raise was the increased amount of deposit flight from Greek banks and the need for the ECB to protect Greece’s banking system and calm markets.

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