ECB to discuss emergency funding for Greek banks on Thursday - Reuters

FXStreet (Mumbai) - The European Central Bank's (ECB) Governing Council is set to hold a special emergency teleconference meeting on Thursday to talk about extending emergency liquidity assistance (ELA) for Greek banks, an ECB source told Reuters.

The ECB last month cut off Greek banks from its funding after Athens abandoned its bailout programme, a condition for access to the ECB funds.

The move forced Greek banks onto ELA from their national central bank - a temporary facility that raised the pressure on euro zone governments to find a political solution to Greece's financing crunch before the banking sector tips into crisis.

The ECB, which retains the ability to restrict ELA operations, has raised a cap on the emergency funding in increments, keeping pressure on Athens to find a political solution.