A man stands next to a shop selling Greek and European Union flags in central Athens, Thursday, July 16, 2015. (AP Photo/Emilio Morenatti)
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The European Central Bank was set to hold emergency funding to Greek banks steady Thursday, delaying an increase that would have allowed banks to partially reopen as it waits for European leaders to finalize a financial backstop.The bank had been ready to increase Emergency Liquidity Assistance (ELA) after Athens approved the bailout deal but it first needs to ensure that Greece has the temporary financing to repay a 3.5 billion euro plus interest payment due to the ECB Monday. Even once ELA is raised, banks are likely to open only with reduced operations and cash withdrawal limits at least until a bailout package is passed and banks receive at least some of the 25 billion euros earmarked for recapitalization.ELA has been held steady since late June, forcing banks to close and limiting cash withdrawals to 60 euros per day, disrupting an economy already in recession.
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