ECB's Lifeline To Greece Is Still Just A Stopgap
To stave off a potential bank run, the European Central Bank coughed up more emergency funds to Greek lenders. It's unclear how long they'll last.By Matt Patston | June 19, 2015
As Greece continues to walk a fishing-line tightrope across the Grand Canyon of Bankruptcy, the European Central Bank approved more emergency funds to the country's lenders.
Withdrawals on Greek bank accounts have accelerated as the country has failed to successfully negotiate a bailout deal, prompting fears of a bank run that would further devastate the country's financial system. (Video via The Guardian)
The ECB's emergency liquidity is meant to keep the country above water while a bailout deal is negotiated, but it's still unclear exactly how much the ECB pumped into the system. More than 3 billion euros have been withdrawn since Monday.