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European Central Bank holds eurozone rates at 0.05% Greece debt crisis: ECB raises funding for Greek banks
(about 2 hours later)
The European Central Bank (ECB) has held eurozone interest rates at their historic low of 0.05% for a ninth month as figures suggested further work to combat deflation is needed. The European Central Bank says it has increased funding to Greek banks by €900m (£627m) for one week.
Data on Thursday confirmed an earlier estimate which showed eurozone inflation falling to 0.2% in June. ECB president Mario Draghi said the bank could offer more help through Emergency Liquidity Assistance (ELA) after a bailout plan was agreed between Greece and the eurozone.
That compared with a rise of 0.3% in May after five months of falling or stagnant inflation. Mr Draghi's said the ECB's total exposure to Greece was now €130bn.
The ECB maintained its bond-buying programme at €60bn a month. Speaking at an ECB press conference in Frankfurt, he said that debt relief for Greece was "necessary".
The massive bond-buy programme was launched in March to prevent the eurozone falling into deflation, weaken the euro to boost exports and encourage consumer spending. He also said the ECB continued to act on the assumption that Greece is and will be a member of the euro area.
Last month, ECB president Mario Draghi said the programme was proceeding well and confirmed the central bank's plan to run the programme until the end of September 2016. Mr Draghi's comments came after the ECB held eurozone interest rates at their historic low of 0.05%.
Continuing uncertainty caused by the Greek debt crisis and the ECB's role in providing emergency funding to Greek banks - which have remained closed for more than two weeks - are expected to dominate Mr Draghi's regular news conference later. The ECB also maintained its bond-buying programme at €60bn a month.
The central bank is ready to increase Emergency Liquidity Assistance (ELA) after Greece approved a third bailout deal. The massive bond-buying programme was launched in March to prevent the eurozone falling into deflation. It also aimed to weaken the euro to boost exports and encourage consumer spending.
But it is believed the bank wants to ensure that a proposed €7bn "bridging loan", funded through the EU-wide Emergency Financial Stability Mechanism (EFSM), is approved before doing so.
Greece is likely to use the emergency funding to make interest payments to creditors including the International Monetary Fund (IMF) and the ECB itself.
Greece is due to make an interest payment of €3.5bn for the ECB for past loans on 20 July.