FRANKFURT, Germany, July 22 (UPI) -- The European Central Bank's increase of emergency assets Wednesday eased pressure on Greek banks caught in a liquidity crisis.
The ECB raised the limit of its Emergency Liquidity Assistance (ELA) by 900 million Euros ($980 million) to banks frozen for the past several months by negotiations between Greece and its creditors over a bailout package. It was the second cash infusion in less than a week, and an assurance that banks have cash on hand to give account holders, at the rate of 60 Euros ($65) per day.