ECB lifts veil on ELA as it raises Greek cap

draghi-ecb
Mario Draghi

The European Central Bank (ECB) has thrown a further lifeline to increasingly desperate Greek banks, raising the cap on its emergency liquidity assistance (ELA) at today's (July 16) governing council meeting.

While keeping its monetary policy settings steady, the ECB raised ELA by €900 million ($981 million), to be spread throughout the course of this week, bringing the total emergency assistance to around €90 billion.

"We have accommodated the Bank of Greece's request completely and fully, thou

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