European Central Bank gives Greek banks nearly $1 billion in emergency loans

(Image credit: Iakovos Hatzistavrou/Getty Images)

published 16 July 2015

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.