German Finance Minister Wolfgang Schaeuble gestures during a parliamentary debate on the Greek debt crisis at the German lower house of parliament Bundestag in Berlin, Germany, July 1, 2015. REUTERS/Fabrizio Bensch
FRANKFURT (Reuters) - The European Central Bank cannot provide emergency funding to banks on overly generous terms or against insufficient collateral, it said on Tuesday, spelling out strict terms for banks in Greece and elsewhere to obtain such funds.
The ECB, which has been providing an Emergency Liquidity Assistance (ELA) lifeline to Greek banks, on Monday raised the discount on the collateral Greece must put up in return for the cash, keeping pressure on Prime Minister Alexis Tsipras hours ahead of a meeting with other euro zone leaders.
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