Saved… for now.
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.
View original post 140 more words