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ECB agrees extra emergency funding for Greek banks

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At a news conference, ECB President Mario Draghi said the conditions had been restored for more Emergency Liquidity Assistance (ELA) after a bailout plan was agreed between Athens and the euro zone.

"Things have changed now. We had a series of news with the approval of the bridge financing package, with the votes, various votes in various parliaments, which have now restored the conditions for a raise in ELA," he said.

The Greek debt crisis has shown up the fragility of the euro zone and the need for stronger integration within the currency bloc, European Central Bank President Mario Draghi added.

"This union is imperfect, and being imperfect is fragile, vulnerable and doesn't deliver all the benefits that it could if it were to be completed. The future now should see decisive steps on further integration," he told a news conference.

Draghi was responding to questions about whether Germany raising the issue of Greece taking a time-out from the euro zone had weakened the bloc. "Discussion doesn't necessarily weaken," he said.

Since taking the helm at the height of the eurozone debt crisis in 2011, Draghi had repeatedly said that he considered the euro "irreversible", meaning that he believed that no country would be ever allowed to leave or fall out the currency union.

Source: Reuters