Be the most informed person in the room with Newsy's free e-newsletter

View our privacy policy:
Obama's Final Days As President
Featured Series: Obama's Final Days As President
President Obama's days as Commander in Chief are numbered, but that hasn't stopped him from making some last-minute moves.  

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.

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 More than 3 billion euros have been withdrawn since Monday. 

Some media outlets are reporting that the latest round of liquidity funds from the ECB is equal to about 3 billion euros, while others report that the number is lower and more short-term. 

The bank has been repeating this process as the Greek crisis has worsened. On Monday, before the latest funding, ECB President Mario Draghi said it's provided lenders with 118 billion euros in 2015.

The ECB is also one of Greece's primary creditors, so it has an interest in making sure the country doesn't collapse. The bank owns nearly 20 billion euros in Greek government bonds

In bailout negotiations, Greece's leadership has refused to adopt further budget restrictions to qualify for more money from creditors, which has led to a stall in the talks. (Video via Syriza)

Greece's next big payment is due June 30 to the International Monetary Fund. A default on that would likely force Greece to stop using the euro, which would wreak havoc on the banks that the ECB currently has on life support. (Video via Al Jazeera)

That, in turn, may lead to the ECB finally pulling the plug. 

This video includes images from Getty Images.

Featured Stories
Chris Kattan and Will Ferrell in "A Night at the Roxbury."

When It Comes To Numbers For Women In Film, It Might As Well Be 1998

Candles are lit during a vigil for the victims of the Pulse Nightclub shooting in Orlando.

FBI Officials Arrested The Wife Of The Orlando Nightclub Shooter

A man walks through the European Parliament

Election Of Top EU Official Gets Little Attention Before Vote

Want to see more stories like this?
Like Newsy on Facebook for More Europe Coverage