May 12, 2015 / 1:50 PM / 4 years ago

ECB raises emergency funding cap for Greek banks to 80 bln euros: sources

ATHENS (Reuters) - The European Central Bank raised the cap on emergency liquidity assistance (ELA) that Greek banks can draw from the country’s central bank by 1.1 billion euros, taking the ceiling to 80 billion euros, two banking sources told Reuters on Tuesday.

The move comes after euro zone finance ministers on Monday welcomed some progress in slow-moving talks on a cash-for-reform deal between Athens and the IMF, the European Commission and the ECB but said more work was needed to each a deal.

“This leaves an unused liquidity buffer of about 3.5 billion euros,” one of the banking sources said after an ECB teleconference on Tuesday.

The ECB has raised the cap in increments, keeping pressure on Athens to strike a deal with its creditors over economic reforms required to unlock remaining bailout aid.

Reporting by Lefteris Papadimas and George Georgiopoulos, editing by Deepa Babington

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