European Central Bank raises ELA for Greek banks

Contrary to earlier reports the European Central Bank did increase its emergency funding for Greek banks.

"A series of news with approval of the bridge financing package has now restored conditions for a raise in ELA," ECB president Mario Draghi said in the central bank's press conference following Thursday's meeting of its Governing Council.

He went on to clarify that it was raised by the equivalent of €900m over one week.

Earlier in the day reports had indicated that the European Central Bank was said to be leaning towards maintaining its credit support for Greek lenders at its meeting.

In parallel, other reports had said the euro area was expected o be set to announce tomorrow that it will provide Greece with a bridge loan, which would allow the country to meet critical upcoming debt payments.

-- More to follow --