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ECB says it will continue to support Greek banks
The European Central Bank will continue to support Greek banks, a spokesman said Wednesday in response to reports that the bank was considering a freeze in funding for the country's fragile banks. The ECB's governing council is holding a routine meeting Wednesday, overshadowed by reports of a sharp increase in deposit withdrawals in Greece, driven by fears that the country may have to leave the euro zone. With their capital largely destroyed by the Greek sovereign debt exchange earlier this year, and having lost access to market funding long ago, the banks are in no position to cope with large-scale deposit ... (full story)
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