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Euro Crisis 2012: Greece Reportedly Saved From Bankruptcy By European Central Bank

Report: Greece Saved From Imminent Bankruptcy
Reuters
Mario Draghi, President of the European Central Bank, ECB addresses the media during the press conference following the meeting of the ECB Governing Council in Frankfurt am Main, Central Germany, on August 2, 2012. The European Central Bank is of one mind in its determination to preserve the embattled single currency, its president Mario Draghi said. 'The endorsement to do whatever it takes to preserve the euro as a stable currency has been unanimous,' Draghi said, acknowledging however that Germany's central bank had 'reservations' on buying government bonds as one way of tackling the eurozone debt crisis. AFP PHOTO / DANIEL ROLAND (Photo credit should read DANIEL ROLAND/AFP/GettyImages)
Mario Draghi, President of the European Central Bank, ECB addresses the media during the press conference following the meeting of the ECB Governing Council in Frankfurt am Main, Central Germany, on August 2, 2012. The European Central Bank is of one mind in its determination to preserve the embattled single currency, its president Mario Draghi said. 'The endorsement to do whatever it takes to preserve the euro as a stable currency has been unanimous,' Draghi said, acknowledging however that Germany's central bank had 'reservations' on buying government bonds as one way of tackling the eurozone debt crisis. AFP PHOTO / DANIEL ROLAND (Photo credit should read DANIEL ROLAND/AFP/GettyImages)

BERLIN, Aug 4 (Reuters) - The European Central Bank (ECB) has saved Greece from bankruptcy for the time being by securing it interim financing in the form of additional emergency loans from the Bank of Greece, German newspaper Die Welt said on Saturday.

The ECB's Governing Council agreed at its meeting on Thursday to increase the upper limit for the amount of Greek short-term loans the Bank of Greece can accept in exchange for emergency loans, the newspaper said in an advance copy of the article due to appear in its Saturday edition.

Until now the Bank of Greece could only accept T-Bills up to a limit of 3 billion euros ($3.70 billion) as collateral for emergency liquidity assistance (ELA) but it has applied to have this limit increased to 7 billion euros, the daily said, citing central bank sources.

The ECB Governing Council gave this wish the green light, the paper said.

The move should enable the Greek government to access up to an extra 4 billion euros of funds, the paper said, adding that this should ensure the country keeps its head above water until the "troika" of the European Union, the European Central Bank and the International Monetary Fund decide on the disbursement of the next tranche of money from its aid program in September.

The ECB declined to comment, the paper said.

Below are the unemployment rates of nations inside the Eurozone:

Netherlands

Unemployment Across the Eurozone

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