European Central Bank Raises Emergency Liquidity Funds for Greek Banks

European Central Bank President Mario Draghi said emergency funds available for Greek banks will be raised by about $980 million, on top of the roughly $96 billion already set aside.

Author:: Scott Gamm
Publish date:: Jul 16, 2015 1:38 PM EDT

Greece gets another lifeline. European Central Bank President Mario Draghi said emergency funds available for Greek banks will be raised by about $980 million, on top of the roughly $96 billion already set aside. He said the ECB recognizes the 'immediate' liquidity needs of the Greece economy. While Greece defaulted on its $1.7 billion payment to the International Monetary Fund just two weeks ago, Draghi isn't losing sleep over the $4.6 billion Greece owes the ECB on Monday. 'All my evidence suggests that we will be repaid,' he told reporters at a press conference Thursday. Meanwhile, Draghi said the stimulus measures, which began in March 'continue to contribute to economic growth.' Kevin Kelly, chief investment officer at Recon Capital Partners expects GDP growth in Europe to expand. 'Especially off the back of the lower euro. Germany is the biggest beneficiary of that. They're exports are up and Germany represents 30 percent of the GDP in Europe.' TheStreet's Scott Gamm has details from New York.