Greek Banks Ask to Tap Support Fund

Last year, Greece spiraled into fiscal crisis and saw its borrowing costs spike after it revealed its budget deficit was more than double the previous estimate. Because of this, banking institutions have been doing very poorly and now have come out publicly asking for help from a support fund that was set up by the previous government administration in case of a global credit crisis. Greek banks have repeatedly said they are not facing any liquidity problems, but some have found it harder to raise funds in money markets, making them more dependent on money market funding from the European Central Bank.