The European Central Bank will reportedly extend the Bank of Greece a line of credit of nearly 59.5 billion euros as a temporary emergency financing mechanism, a Bloomberg report, quoting an official, stated on Thursday.

The measure is necessary following an ECB’s decision to no longer accept Greek bonds as collateral pending a new agreement between Athens and its international creditors.

Earlier on Thursday, the German daily Die Welt reported that the ECB will allow the Bank of Greece access to approximately 60 billion euro via the ELA mechanism.