Bank can't be 'overly generous'

Tsipras crafting last-ditch appeal for bailout as cash dwindles

Emergency funding to Greek banks cannot be provided on "overly generous" terms or against insufficient collateral, the European Central Bank said on Tuesday, as it spelled out strict terms for banks in Greece and elsewhere to obtain cash.

The ECB, which has been providing an Emergency Liquidity Assistance lifeline to the Greek banks, raised the discount on Monday for the collateral Greece must put up in return for cash, keeping pressure on Prime Minister Alexis Tsipras hours ahead of a meeting with other eurozone leaders.