European Central Bank gives Greek banks nearly $1 billion in emergency loans
The European Central Bank expanded Greek banks' emergency line of credit by $990 million on Thursday, offering a bit more breathing room to Greece's economy. The move is "likely to be welcomed by Greek banks and their depositors as a sign that the central bank intends to continue providing support while the country's bailout negotiations continue," reports The New York Times.
It remains unclear whether the boost in the emergency line of credit will be enough to enable Greek banks to reopen. They've been closed since June 29.
The extension of this emergency line of credit came just hours after Greek MPs approved an austerity bill required to enable a eurozone bailout deal, with new legislation that includes raising taxes and increasing the retirement age.
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