European Central Bank Raises Support for Greek Banks

European Central Bank head Mario Draghi said Thursday that emergency support to Greek banks will be increased — a first step toward helping the country’s banks reopen.

People walk past a shop selling Greek and European Union flags in central Athens, Thursday, July 16, 2015. AP Photo/Emilio Morenatti

FRANKFURT, Germany—European Central Bank head Mario Draghi said Thursday that emergency support to Greek banks will be increased — a first step toward helping the country’s banks reopen.

The Greek banks have been closed since June 29, more than two weeks ago, since the ECB’s governing council halted the credit flow due to concerns the banks would go broke and not pay the money back.

In a news conference following the ECB’s regular policy meeting, Draghi said the ECB agreed on Thursday to increase that credit amount by 900 million euros over one week.

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