ECB raises emergency funding cap for Greek banks

Global Geopolitics

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The European Central Bank (ECB) has raised the funding cap on its Emergency Liquidity Assistance (ELA) for Greece’s banks, according to a CNBC source.

The decision, made in a conference call Friday and first reported by Reuters, followed a meeting of the euro zone’s finance ministers on Thursday, where the ability of the country’s lenders to open up for business next week was questioned.

It comes as a specter of a run on Greek banks is looming, after yet another round of failed rescue-for-reforms talks.

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MARKETS: Asian shares edge higher on Fed caution, China sell-off intensifies

#AceFinanceReport – June.19:HONG KONG (Reuters) – Asian shares rose for a third consecutive day on Friday even as China stocks tumbled into correction territory, while the Federal Reserve’s cautious stance towards lifting interest rates kept the dollar on the back foot.

Caution over Greece also tempered gains, as euro zone leaders prepared for an emergency summit on Monday to try to avert a Greek debt default.

Financial spreadbetters expected Britain’s FTSE 100 to open up 0.1 percent. Germany’s DAX was seen up 27-38 points, or 0.2-0.3 percent, while France’s CAC 40 was seen up 2-4 points, or 0.1 percent.

A broad index of Asia-Pacific shares outside Japan gained 0.6 percent while Japan’s Nikkei rose 0.9 percent from a one-month low set on Thursday.

But China shares fell heavily, tumbling more than 4 percent at one point. By midday, the key CSI300 index and benchmark SSEC were down more than 9 percent for the week and over 10 percent from their early June peak.

This week’s correction was triggered by regulators’ fresh moves to tighten margin financing – a key engine behind the market’s frenzied rally – and was worsened by a tidal wave of initial public offerings that greatly increase share supply.

Asian shares edge higher on Fed caution, China sell-off intensifies

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