The European Central Bank (ECB) continued its beneficial “Lone Ranger-like” role vis-a-vis Greece on Friday by again raising the ceiling on its Emergency Liquidity Assistance (ELA) for Greece’s banks by 3.3 billion euros.
The move reportedly comes after a request by BoG Gov. Yannis Stournaras, two himself has come under fire by the radical leftist government in Athens despite the fact he heads up the autonomous central bank in the country.
Reuters was the first to report the news, a day after yet another inconclusive Eurogroup meeting to achieve some progress in a cash-for-reforms deal between Greece and its institutional creditors.
According to CNBC, the valuation of the Greek banking sector has dropped by nearly a third since the start of June, given fears of default and possible Grexit.
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