ECB cuts Greek emergency funding allowance

The ECB has reduced the amount of emergency funding available to Greek lenders, a person familiar with the matter said, as capital controls and an agreement between the country’s government and its creditors eased deposit outflows.

The cap on emergency liquidity assistance was cut by €600m to €89.1bn, and the ceiling will stay in place until the next Governing Council meeting scheduled for September 16, the person said, asking not to be named as emergency liquidity assistance decisions are not public.

The decline in the assistance, which follows a cut of €700m last month, reflects an easing of Greece’s financial crisis following months of dispute that almost drove the country out of the eurozone.