The ECB reportedly just extended emergency funding for Greek banks

Mario draghi
European Central Bank Governor Mario Draghi speaks at a news conference during the World Bank/IMF annual meetings in Washington October 11, 2014. REUTERS/Joshua Roberts

The European Central Bank has extended its liquidity program for Greek banks by two weeks, according to a Dow Jones report via CNBC.

According to CNBC, it is a “a roughly €68 billion, two-week extension on emergency liquidity.”

AFP is reporting that the ECB both extended and increased the funding.

This doesn’t necessarily mean that Greece is any closer to a bailout deal with the troika, however. This extension and increase of emergency liquidity funding was expected, as nervous people have started to pull their money out of Greek banks and it’s in the ECB’s interest to keep those banks liquid, at least until February 28, the looming deadline when Greece’s current debt program ends.

The Irish Times reported Tuesday that “daily outflows were in the region of 300 million to €500 million on average.”

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