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ECB relaxes
terms for Greece's ELA funding, reports Die Welt
The European Central Bank (ECB) has saved Greece from bankruptcy for the time
being by securing it interim financing in the form of additional emergency loans
from the Bank of Greece, German newspaper Die Welt said on Saturday.
The ECB's Governing Council agreed at its meeting on Thursday to increase the
upper limit for the amount of Greek short-term loans the Bank of Greece can
accept in exchange for emergency loans, the newspaper said in an advance copy of
the article due to appear in its Saturday edition.
Until now the Bank of Greece could only accept T-Bills up to a limit of 3
billion euros ($3.70 billion) as collateral for emergency liquidity assistance
(ELA) but it has applied to have this limit increased to 7 billion euros, the
daily said, citing central bank sources.
The ECB Governing Council gave this wish the green light, the paper said.
The move should enable the Greek government to access up to an extra 4
billion euros of funds, the paper said, adding that this should ensure the
country keeps its head above water until the «troika» of the European Union, the
European Central Bank and the International Monetary Fund decide on the
disbursement of the next tranche of money from its aid program in September.
[Reuters] | 
Die internationale Geber-Troika hat sich zufrieden mit die jüngsten Verhandlungen mit Griechenland gezeigt. "Wir haben gute Fortschritte erzielt", sagte IWF-Vertreter Poul Thomsen zum Abschluss zweiwöchiger Überprüfungen in Athen. In Deutschland gab es derweil weiter Rufe nach einem Austritt Griechenlands aus der Eurozone, Italiens Ministerpräsident Mario Monti warnte vor einem Auseinanderbrechen Europas.
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