May 20, 2015 / 7:07 PM / 5 years ago

ECB raises emergency funding for Greek banks by $222 million: source

ATHENS (Reuters) - The European Central Bank raised the cap on emergency liquidity assistance Greek banks can draw from the country’s central bank by 200 million euros ($222 million), taking the ceiling to 80.2 billion euros, a banking source told Reuters on Wednesday.

“This leaves an unused liquidity buffer of 3 billion euros,” the banking source said. “The reason for the small increase was that deposit outflows have stabilized at very low levels.”

The source said that the ECB held a “long and exhaustive” discussion on the “haircut” or discount applied to collateral offered by Greek banks but that no decision was made on raising the haircut.

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.

The move comes as cash-strapped Athens scrambles to reach a cash-for-reform deal with its euro zone partners and the International Monetary Fund as debt repayments loom next month.

Reporting by George Georgiopoulos; Editing by Deepa Babington

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