GREECE - EU

ECB leaves emergency funding to Greece unchanged

Greeks queue at an ATM in Athens amid restrictions of bank withdrawals on July 7, 2015
Greeks queue at an ATM in Athens amid restrictions of bank withdrawals on July 7, 2015 Aris Messinis, AFP
3 min

Europe’s Central Bank on Wednesday decided to leave emergency funding to Greece unchanged at 89 billion euros, according to banking sources, amid rising eurozone fears.

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  • Europe’s Central Bank (ECB) has decided to leave emergency funding to Greece unchanged at 89 billion euros. On Wednesday evening, Greece announced that its banks would remain closed until July 13. 
  • Greece has made a request for a three-year loan from Europe's bailout fund and has pledged to "immediately implement" tax and pension-related measures.
  • Greek PM Alexis Tsipras called for a “fairer, more sustainable agreement” with creditors in a speech at the EU Parliament, saying Greece had been treated as an “austerity laboratory” and that the experiment had failed.
  • France said it would do everything it could to keep Greece in the euro zone, warning that a “Grexit” would be an “admission of impotence” for Europe. Earlier, US Treasury Secretary Jack Lew threw his weight behind Greek debt restructuring, saying a collapse of Greece’s economy would be a “geopolitical mistake”.
  • The country’s creditors have given Athens until Thursday to submit new proposals in order to reach a deal ahead of a summit of all 28 EU members on Sunday.
  • A Greek government source said bank closures would be extended beyond Wednesday. Greek lenders have been shut for eight days, with cash withdrawals restricted to €60 a day.

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