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ECB agrees more backup for Greek banks

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ECB agrees more backup for Greek banks

In an emergency session on Friday, the European Central Bank agreed to extend financial aid to Greek banks as customers withdraw cash over fears the country might leave the Euro.

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The ECB agreed to increase the amount of money it would lend to Greek banks under so-called "Emergency Liquidity Assistance (ELA)", although it did not immediately say by how much, Die Welt reported.

The last increase to the ELA was on Wednesday, when the ECB increased the facility by €1.1 billion to €84.1 billion.

At the moment, the ECB is the main provider of financing to Greek financial institutions.

But its ELA programme carries much more onerous conditions than usual loans to private banks.

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