Concerned at the withdrawals, the Bank of Greece asked the ECB's Governing Council to add an extra €6 billion to an 89-billion-euro emergency credit line on Sunday, to cover the expected shortfall of cash.
The ECB is committed to buying €60 billion a month in bonds to push down interest rates and help economies that use the euro.
The bailout money helps keep the Greek economy going and at the same time helps repay the debt that is falling due.
An explainer on why Indian markets are over-reacting
The European Central Bank's news conference was briefly interrupted when a young woman from FEMEN charged at ECB chief Mario Draghi calling for an "end to the ECB dictatorship". She jumped onto the podium where Draghi was seated but was quickly apprehended and escorted out of the premises before the news conference resumed.
The total government debt all around the world had stood at $33 trillion as of 2007. It has since jumped to $58 trillion, a jump of $25 trillion, at the rate of 9.3 percent per year.
First and foremost is the fact that inflation in the United States is well below the Federal Reserve's preferred target of 2 percent.
Greece has formally asked the EU for a six-month loan extension, officials in Athens and Brussels said, hoping to avoid default and draft a new deal with its creditors. Greece has formally asked the EU for a six-month loan extension, officials in Athens and Brussels said, hoping to avoid default and draft a new deal with its creditors.
The ECB announcement of monthly bond buying of €60 billion will help offset the impact caused by a likely tightening by the US Fed, the report said.
The NSE Nifty crossed the 8,800-level for the first time to scale an all-time high of 8,866.40 (intra-day) before settling 74.20 points, or 0.85 percent lower at 8,835.60, a new closing high.
The ECB has decided to buy bonds worth € 60 billion ($69 billion) every month from March 2015 to September 2016. This bond buying is referred to as “asset purchases” by central banks, “quantitative easing” by most of the Western press and economists and “money printing” by people who want to call a spade a spade.
Extending their bull run for the seventh straight session, the BSE Sensex scaled another peak of 29,389.18 and the NSE Nifty breached the 8,800-mark for the first time in opening trade, driven by positive global cues triggered by European Central Bank's stimulus measures.
Draghi said at a news conference following the ECB's monetary policy meeting that governing council members had been "unanimous in stating that the asset purchase programme is a true monetary policy tool in a legal sense".
Asian shares hit a six-week high as investors counted on the European Central Bank to unveil a stimulus drive at its meeting on Thursday.
The rupee will likely stagnate over the next year as a US dollar rally gathers steam and the Indian economy at best chugs along, while the Chinese yuan will probably appreciate a little, a Reuters poll found.<br />
The ECB cut its main refinancing rate to 0.05 percent from 0.15 percent.
Yesterday, the BSE benchmark index had ended at all-time closing high of 27,139.94 and had also hit intra-day high of 27,225.85 on sustained foreign funds inflows.<br />
The ECB cut interest rates to record lows in June, became the first major central bank to charge banks for holding their deposits overnight and launched a new ultra-cheap, four-year loan programme, dubbed TLTROs, to be rolled out later this year.<br />