European Central Bank caps Greek bank credit

The European Central Bank has decided against letting Greek banks draw more emergency credit for now. A bank spokesman said Monday that emergency liquidity assistance "was maintained at its current level" following a teleconference of the bank's governing council.

The bank's refusal to increase the level of emergency credit above the current 89 billion euros ($98.3 billion) forced Greek banks to close two weeks ago and limit withdrawals to 60 euros ($67) per day. The ECB has held off turning the credit tap back on pending a bailout deal that would restore the government's finances. Analysts say the bank may permit Greek banks to borrow again once the Greek parliament votes to approve reforms that would pave the way for a third multibillion-euro bailout deal.