Greek banks sharply increased their borrowing from the European Central Bank in May from the previous month, according to data released Thursday by Greece's central bank, Reuters reported.

Lending jumped by 12.3% to EUR97.5 billion ($137.8 billion) at the end of last month from EUR86.9 billion in April.

Banks in Greece have lost wholesale market access in the wake of the country's debt crisis, making them more reliant on ECB financing.

The May figures reverse a four-month trend of gradually reduced borrowing that followed a peak at the end of 2010. ECB loans to Greek banks nearly doubled last year to EUR97.67 billion at the end of December from EUR49.7 billion at the start of January.

Full story at http://www.reuters.com/article/2011/06/23/greece-ecb-idUSATH00620520110623

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