The European Central Bank on Wednesday offered cash-strapped Greek banks a helping hand by announcing it would readmit them to its regular refinancing operations from which they have been barred for more than a year.
The ECB's governing council voted to reinstate a special waiver mechanism from June 29, allowing Greek sovereign debt to be used by the country's banks as collateral for central bank funding, even though Athens' debt carries a "junk" rating.
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