ECB Lending To Greek Banks Rose 12.3% In May -Reuters
June 23 2011 - 5:27PM
Dow Jones News
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
-Dow Jones Newswires; 212-416-2900